Ethereum [ETH]’s transition into PoS could be fundamentally flawed, says Bitcoin maximalist Jameson Lopp
Jameson Lopp, a Bitcoin enthusiast, and a successful entrepreneur, gave his views on the discussion underway between Vitalik Buterin and Vlad Zamfir about the implementation of the Casper model of Proof-of-Stake [PoS] on the Ethereum blockchain. He addressed the state of Ethereum and whether or not developers would do a good job transitioning to PoS.
Ethereum and most cryptocurrencies are usually constructed on top of the Proof-of-Work [PoW] concept to validate and add blocks to the blockchain. The major drawback when it comes to PoW is that it requires a lot of resources. Apart from that, it can be also corrupted by the malicious 51% attack.
Proof-of-Stake, on the other hand, replaces miners with validators who stake some of their coins to validate upcoming blocks to the blockchain. The major advantage of PoS when compared to PoW is that it scraps the idea of spending resources like electricity.
There are discussions between two proposed PoS that the Ethererum blockchain will…
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