Claim Giveaway Token Proof of Reserve

Co-founder of Ethereum addresses detractors of PoS

13-Jul-2022 By: Simran Mishra
Co-founder of Ethere

Co-founder of Ethereum addresses detractors of PoS

When discussing PoS voting, Vitalik Buterin called a critic's assertion a "unmitigated bare-faced falsehood."

While some anticipate that the impending switch from proof-of-work (PoW) to proof-of-stake (PoS) would enable Ethereum to eventually exceed Bitcoin (BTC), others are using the occasion to make snide comments on Twitter, prompting a reaction from Vitalik Buterin, a co-founder of Ethereum.

Bitcoin user Nick Payton criticised "Proof of Stakers" in a tweet and claimed that the ability to vote to alter platform attributes demonstrates that PoS assets are securities.

In her response, Buterin called Payton's ideas "an utter bare-faced falsehood." Buterin claims that, like proof-of-work (PoW), PoS does not allow voting on protocol settings. Buterin further clarified that nodes in both PoS and PoW reject incorrect blocks.

Jimmy Song, a writer, criticised PoS last week and questioned the decentralisation of the consensus method. Song claims that the mechanism doesn't resolve the issue with the Byzantine generals.

Charles Hoskinson, a co-founder of Ethereum and a supporter of PoS, offered his opinion as well, stating that Song's tweet is "beyond understanding" for its "degree of stupidity."

Decentralized finance researcher Vivek Raman, meanwhile, expressed support for the planned Merge. Raman claimed on Twitter that the switch to PoS has given Ethereum the economic foundation it needs to compete with Bitcoin for dominance in the crypto world.

Ethereum performed a critical Merge test on the Sepolia testnet earlier in July, moving the network closer to the switch to the PoS consensus mechanism. Even though there are some glitches, developers said they won't postpone the Merge.

Related News
Related Blogs