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The authors did not do their homework. There are active NFT marketplaces on PoS (i.e. Proof of Stake) chains that are very active right now. NFTs in general are
by tsp 5y ago
The authors did not do their homework. There are active NFT marketplaces on PoS (i.e. Proof of Stake) chains that are very active right now. NFTs in general are not bad, Ethereum in it’s current form is problematic for the environment, existing PoS chains are not. Hic Et Nunc [0] is one of the NFT marketplace with large user base that runs on a PoS chain - Tezos [1].
I did not expect such a misinformed article from the Guardian.
[0] https://www.hicetnunc.xyz/ https://www.hicetnunc.xyz/
[1] https://tezos.com/ https://tezos.com/
- ilaksh 5y agoEthereum is also moving to proof of stake pretty soon.
- onli 5y agoEthereum is moving to proof of stake "pretty soon" since 3 or more years. I remember having that conversation in the first gpu crypto price bubble. Believe it when it's there, not before.
- jlokier 5y agoIt's reasonable to be skeptical given the history. But honestly, there has been a rush of activity in "the merge" this year, starting just a few months ago. The proof of stake (PoS) network has been live with serious money since late last year, so it's becoming relatively established, and the merge is the technical steps to join the entire PoW Ethereum transaction history, processes and existing software into the PoS network, without a single disruptive event. It's as much of an ecosystem process as a technical process, to retain its value across the merge. Technically it is rather complicated too. The PoS system diagram is more complex than the equivalent PoW system diagram. There are so many things to get right in a complex adversarial computation system like Ethereum, where economic motivations cause people to hunt for every conceivable hack and advantage, and the system's logic has to be regularly updated to deincentivise those.