Sunday 7 August 2022
Home / 3AC / Ethereum co-founder responds to PoS critics amid upcoming Merge

Ethereum co-founder responds to PoS critics amid upcoming Merge

While some believe that Ethereum’s upcoming shift to proof-of-stake (PoS) may push the platform to eventually surpass Bitcoin (BTC), others are taking this opportunity to make snarky remarks on Twitter, triggering a rebuttal from Vitalik Buterin, a co-founder of Ethereum.

In a tweet, Bitcoiner Nick Payton called out “Proof of Stakers” and argued that voting to change the properties on PoS platforms proves that PoS assets are securities.

Buterin responded to the post, describing Payton’s notions as an “unmitigated bare-faced lie.” According to Buterin, PoS does not include voting on protocol parameters, just like proof-of-work (PoW) doesn’t. Buterin also explained that nodes reject invalid blocks in both PoS and PoW.

Last week, author Jimmy Song also came after PoS, questioning the decentralization of the consensus mechanism. According to Song, the mechanism doesn't solve the Byzantine generals problem. Buterin called out Song’s notions in a tweet:

Fellow Ethereum founder and PoS proponent Charles Hoskinson also gave his take, saying that the “level of stupid” in Song’s tweet is “beyond explanation.”

Related: BTC bull Michael Saylor: Ethereum is ‘obviously’ a security

Meanwhile, Vivek Raman, a decentralized finance researcher, offered positive thoughts on the upcoming Merge. In a Twitter thread, Raman said that the change to PoS gives Ethereum the economic structure to challenge Bitcoin’s supremacy in the crypto space.

Earlier in July, Ethereum completed a significant trial for the Merge on the Sepolia testnet, pushing the platform nearer to the shift to the PoS consensus mechanism. Developers mentioned that while there are some hiccups, they will not delay the Merge.

About Sean Patterson

Check Also

How High Can Ethereum Go Before The Merge

The Ethereum “Merge” has become a hot topic among top crypto analysts after the incident that led to the collapse of the Ethereum network in the sale of Otherside by Yuga labs, with nearly $200M lost as gas fees. Related Reading: Proof of Work Vs Proof of Stake – Laneaxis The Ethereum merge, also known as Ethereum 2.0, is the upgrade of the existing execution of the Ethereum layer 1 from proof-of-work (PoW) to proof-of-state (PoS), Beacon chain. 5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now! POW was first used by the early pioneers of the blockchain Bitcoin and Ethereum. It aims to achieve decentralization and security by using miners to decode cryptographic algorithms or puzzle-like maths. As the demand increases for transactions, it becomes slow, gas fees increases, and resources intensify. Proof-of-Stake (POS) is similar to POW, just that users authenticate transactions on the blockchain employing stake and get re..

Leave a Reply

Your email address will not be published. Required fields are marked *