TD₿: Critique of Buterin’s “A Proof of Stake Design Philosophy” by Tuur Demeester
TL;DR Proof of Stake lacks the resilience and decentralization of Bitcoin's Proof of Work network.
Hey Bitcoiners,
Proof of Stake is a consensus mechanism that is pushed as a “cleaner”, more scalable alternative to Bitcoin’s Proof of Work.
This despite the fact that 1.) Miners accept any energy resource whether it be from oil or from clean renewables 2.) Proof of Stake has not proven to be a viable alternative.
Even if PoS works (yet to be seen), it cannot provide the same assurances as PoW does. PoW optimizes for security, decentralization, and censorship resistance which are crucial for a new monetary system.
Tuur Demeester delves into the tradeoffs between the two consensus mechanisms in this blog post (07/12/2017).
Security should be the top priority when designing a new form of money.
Tick tock next block,
Cory Klippsten
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Quote of the Day
“The genesis behind so many of the whitepapers and the ICOs and all of this stuff is not understanding proof-of-work; not appreciating proof-of-work.” - Ryan Gentry, Business Development Lead at Lightning Labs
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