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>>the more you have of the capital the more you influence the system? what a novel concept! That is exactly how Proof of Work works as well. What makes PoW an
by ETH_start 4y ago
>>the more you have of the capital the more you influence the system? what a novel concept!
That is exactly how Proof of Work works as well.
What makes PoW and PoS implementations like Ethereum's capture resistant is that they are governance-free, so capital is NOT used to influence governance. It is only used as a signal that is costly so as to prevent Sybil attacks.
- drdrek 4y agoThe "Move" to POS breaks the myth of the system being immutable and "governance-free". The people with a lot of stake in the system can change or prevent change to the system. One of the major reasons that POS takes so long to implement is that individuals and syndicates that have invested a lot of money in to POW infrastructure block it and warn that it "doing it hastily" will harm the stability of the system. And they are right, it will harm the stability of the system because it is centralized and is governed by the individuals and syndicates with the most vested interest.
- danielschonfeld 4y ago
- ETH_start 4y ago>>The people with a lot of stake in the system can change or prevent change to the system. This is very misinformed. There is no governance by stake vote in Ethereum. The protocol is immutable absent a user willingly updating their node software to run a different protocol. Stake is used exactly the same way hash generation hardware is used in PoW: to determine what share of blocks a person produces. This is safe in both Ethereum PoS and PoW as long as the assumption that 51% of block generation capital (stake, and hashing hardware, respectively) is controlled by honest parties holds true.