Ether

The most recent statements of Vitalik Buterin tweeted on Christmas Day have come regarding his dislike for proof of work concept. In fact, this statement came on Twitter while debating on the advantages and disadvantages of both Proof-of-Work and Proof-of-Stake algorithms.

When the self-proclaimed “Non-giver of  Ether” pressed for further explanation from a commenter, he confirmed that PoW is just a phase. The proof of stake (PoS) as an alternative to the Proof of Work (PoW) is still on its final improvements. However, there is no official date for its introduction due to the scale and size of ETH network which makes the implementations more time costly.

PoW is a resource intensive, non-scalable consensus mechanism that relies on massive amounts of computing power, and it can still be manipulated if someone gets control over more than 51% of network hashrate even for a small amount of time. On the other hand, PoS requires the manipulator to acquire more than half of the tokens circulating in the network and a set of conditions to be satisfied before one can start validating blocks.

The release of the Power of Stake and its implementation (hybrid or not) is still not communicated until now.

To learn more about the difference between PoW and PoS check our article about PoW about https://en.decentral.news/proof-of-work-mining/ andConsensys’s article https://media.consensys.net/state-of-ethereum-protocol-2-the-beacon-chain-c6b6a9a69129

join our Telegram Channel