Vitalik Buterin overconfidence in PoS: “It solves Bitcoin’s problem”

The agenda that Elon Musk has created about Bitcoin’s energy consumption does not stop.. It seems that everyone offers a solution to this problem. Now, Ethereum co-founder Vitalik Buterin has come up with a solution proposal.

Vitalik Buterin: PoS solves Bitcoin’s problem

Vitalik Buterin was asked about the energy consumption of Bitcoin brought up by Musk. Without hesitation, he says the answer is the Proof-Of-Stake (PoS) consensus mechanism, which he also prefers.

Buterin spoke at the Hong Kong StartmeupHK virtual festival:

“Proof-of-stake solves Bitcoin’s (environmental impact) problem and requires much less resources to run.”

Talk to Buterin, my Ethereum is still Proof-Of -Work (PoW) was also asked if it works in consensus mechanism. Buterin says that with the transition of the Ethereum network to PoS, it will reduce its emissions by “100 times, even 10,000 times”.. He continued:

“We thought it would take a year to implement PoS. But it really took six years.”

The reason for this is the complexity of this model.

Related – Why is Ethereum 2.0 so important?

Short definition of PoW and PoS

We can briefly explain how these two mechanisms basically work.

Proof-Of-Work (Pow) or In the Proof-of-Work consensus mechanism, miners compete with each other by solving complex cryptographic puzzles.. Confirming the winning block and adding it to the blockchain. This ensures the decentralized operation of the network, eliminating the need for a central authority to decide who will approve each block. they do (they lock in the network). During this time, they can vote on blocks and make suggestions.. The weight of each validator’s game is calculated based on the amount of coins they stake.

Although PoS offers a more peripheral system, it is criticized for equality. Because it gives an advantage to those who have more coins. It also offers the possibility of network hijacking to holders of large coins, such as cryptocurrency exchanges.

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