Vitalik Buterin defends Ethereum before merger; no protection
Categories: Crypto News US
Vitalik Buterin defends Ethereum before merger; no protection
Ethereum co-founder Vitalik Buterin tweeted a defense of the networks transition to proof of stake (PoS) on Tuesday, responding to arguments suggesting assets secured by such consensus mechanisms are a security.
- The fact that you can vote on something to change its properties is proof that its a security, Swan Bitcoin managing editor Nick Payton said on Tuesday, signing love Bitcoin as a nod to the proof-of-work (PoW) consensus mechanism.
- Buterin dismissed this claim as an outright lie, adding that PoS does not involve voting on protocol parameters, and neither does PoW.
- Theorem is scheduled to dismantle its current PoW consensus mechanism in August by merging the PoS Beacon Chain with the existing chain as a key part of the long-running transition to Ethereum 2.0.
- Both PoS and PoW are methods of network verification; In PoW, the probability of mining a new block is determined by how much computational power the miners put into it, while PoS rewards miners according to the amount they stake.