I agree it’s worse on any measure that can reduced to “distributed computation”.

But that’s not what it’s doing. Not really. The only distributed computation is the one establishing trust that there has been no Byzantine failure of consensus.

Everything else is non-distributed non-parallel computation within a framework that statistically guarantees faithful and accurate processing.

It’s a competitor to trusted computing. One specifically designed against the single entity root of trust that underpins intels offering eg.

[edit: fixed some typos]