> It's a reverse proxy that requires browsers and bots to solve a proof-of-work challenge before they can access your site, just like Hashcash.
It's meant to rate-limit accesses by requiring client-side compute light enough for legitimate human users and responsible crawlers in order to access but taxing enough to cost indiscriminate crawlers that request host resources excessively.
It indeed mentions that lighter crawlers do not implement the right functionality in order to execute the JS, but that's not the main reason why it is thought to be sensible. It's a challenge saying that you need to want the content bad enough to spend the amount of compute an individual typically has on hand in order to get me to do the work to serve you.
