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Is proof-of-stake a proven technology yet though? Has it been shown to function without loopholes or exploits?

CryptoPunk 5y ago
The first iteration of Ethereum's Proof of Stake protocol, the standalone Beacon Chain, has been working since December 1st 2020: https://beaconcha.in/ https://beaconcha.in/ So while not there yet, it's on its way to becoming proven technology. A big test will be how it handles general transaction processing. The Beacon Chain is limited to finalizing Ethereum PoW chain blocks at the moment.
- dustymcp 5y ago
  Other chains are figuring this out now and i havrnt heard of any majot hacks so seems to work out
Paradigma11 5y ago
Yes it is. There are PoS chains running for years without problems (Tezos..). https://viktorbunin.medium.com/proof-of-stakes-security-model-is-being-dramatically-misunderstood-4ed7b19ca419 https://viktorbunin.medium.com/proof-of-stakes-security-mode...
- bhawks 5y ago
  Tezos is amazing, it has upgraded itself entirely through on chain voting governance 6 times. No drama, no crazy rollouts. Tezos smart contract ecosystem has grown to 10% of Ethereum and it's gas prices are pennies (and will continue to be). Ah if the market was logical.
  - xtracto 5y ago
    Commodore and Macintosh were superior to the IBM PC. still, the PC was the leader tech of the 80s and 90s.
    - Paradigma11 5y ago
      True, but the difference here is that the crypto market is purely speculation driven at the moment. tezos is doing fine adoption wise: https://better-call.dev/stats/mainnet/general https://better-call.dev/stats/mainnet/general As long as adoption increases it will be fine in the end since all that money that PoW chains spend on those power plants and GPUs goes straight into the pockets of Tezos holders. And the foundation has enough money to support the development for a decade or two.
haasted 5y ago
It's in production on several chains now. A few examples are Cosmos hub (cosmos.network), Avalanche (www.avax.network), Tezos (tezos.com) and Solana (solana.com).

The first iteration of Ethereum's Proof of Stake protocol, the standalone Beacon Chain, has been working since December 1st 2020: https://beaconcha.in/ https://beaconcha.in/ So while not there yet, it's on its way to becoming proven technology. A big test will be how it handles general transaction processing. The Beacon Chain is limited to finalizing Ethereum PoW chain blocks at the moment.

dustymcp 5y ago
Other chains are figuring this out now and i havrnt heard of any majot hacks so seems to work out

Paradigma11 5y ago

Yes it is. There are PoS chains running for years without problems (Tezos..). https://viktorbunin.medium.com/proof-of-stakes-security-model-is-being-dramatically-misunderstood-4ed7b19ca419 https://viktorbunin.medium.com/proof-of-stakes-security-mode...

bhawks 5y ago
Tezos is amazing, it has upgraded itself entirely through on chain voting governance 6 times. No drama, no crazy rollouts. Tezos smart contract ecosystem has grown to 10% of Ethereum and it's gas prices are pennies (and will continue to be). Ah if the market was logical.
- xtracto 5y ago
  Commodore and Macintosh were superior to the IBM PC. still, the PC was the leader tech of the 80s and 90s.
  - Paradigma11 5y ago
    True, but the difference here is that the crypto market is purely speculation driven at the moment. tezos is doing fine adoption wise: https://better-call.dev/stats/mainnet/general https://better-call.dev/stats/mainnet/general As long as adoption increases it will be fine in the end since all that money that PoW chains spend on those power plants and GPUs goes straight into the pockets of Tezos holders. And the foundation has enough money to support the development for a decade or two.

haasted 5y ago

It's in production on several chains now. A few examples are Cosmos hub (cosmos.network), Avalanche (www.avax.network), Tezos (tezos.com) and Solana (solana.com).