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My main issue with PoS is that people wont run nodes. Contrary to bitcoin there isn’t a self hosting culture on Ethereum. Its all about trading and tokenomics.
by irusensei 4y ago
My main issue with PoS is that people wont run nodes. Contrary to bitcoin there isn’t a self hosting culture on Ethereum. Its all about trading and tokenomics. They will stake through exchanges, which already control the fiat ramps and are easily controlled by regulatory pressure. Since those guys are now validating on chain transaction censorship might become a thing.
And then there is the biggest irony on the fact that PoS basically recreates the legacy financial system where banks and central banks being the stewards of the network.
- Paradigma11 4y agoI have no doubts a vibrant self hosting culture would spring up the moment chain transaction censorship turns up on the horizon.
- X6S1x6Okd1st 4y agoWell it has started, Ethermine is not including tornado cash txns: https://mobile.twitter.com/lrettig/status/1560825331023597569 https://mobile.twitter.com/lrettig/status/156082533102359756...
- Ruphin 4y agoProof of Stake and Proof of Work only impact the consensus model of the network (i.e. how new blocks are added), but for network participants that do not participate on consensus there is no difference. Just like in Bitcoin or in Ethereum now, you can run a node without participating in mining or staking. If you run an Ethereum node now, it will still be the same after the Merge, and not somehow less valid. It will still check the correctness of all the transactions, as it does now. I think a large cause of this confusion is the "validator" terminology; calling nodes that produce blocks through staking validators makes people think that normal nodes don't validate or check anything, but this is not correct.