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This argument rests on the idea that blockchains cannot operate without Proof of Work, but this statement is untrue as there are several decentralized blockchai
by whatisweb3 4y ago
This argument rests on the idea that blockchains cannot operate without Proof of Work, but this statement is untrue as there are several decentralized blockchains running today and securing millions of dollars on Proof of Stake.
Ethereum has successfully merged Proof of Stake on all of its test networks, and is aiming for a complete merge on the main network some time next month.
- yashg 4y agohttps://antsstyle.medium.com/explanation-of-blockchain-consensus-algorithms-pow-pos-etc-735fa50d93c8 https://antsstyle.medium.com/explanation-of-blockchain-conse...
- whatisweb3 4y agoThis is an extremely poorly researched article. If somebody were to spend a dozen billion dollars to gain 51% control of Eth PoS, the users could coordinate to ignore their chain, or even burn their stake and destroy their purchased funds. You can read about the economics of it here: https://vitalik.ca/general/2020/11/06/pos2020.html https://vitalik.ca/general/2020/11/06/pos2020.html