Have you posted the year’s results on Twitter? If you didn’t, one of those who did was Vitalik Buterin. Just hours after the start of 2022, the founder of Ethereum reaffirmed his support for the consensus mechanism ” Proof-of-Stake “, Despite the fact that he was a supporter of the system” Proof-of-Work ” in the past.
There is nothing better than ether (ETH)
On how he went from supporting the consensus mechanism PoW to that of PoS, Buterin clarified:
“… In 2012, I briefly praised the waste of energy in PoW. But luckily, in 2013, I became more enthusiastic about the idea that proof-of-stake was a promising alternative. In 2014, I was finally persuaded… ”
To justify his move to a more open approach, Buterin highlighted the environmental costs of the consensus of Proof-of-Work and his belief in economic efficiency of the model of Proof-of-Stake.
Buterin shares his take on Bitcoin Cash
The battle over the ideal size of Bitcoin blocks has given rise to several hardforks and a number of clashes within the community. However, Buterin delivered his judgment on the resulting Bitcoin Cash (BCH) and the verdict was not pleasant. Although the founder of Ethereum admitted that he was once optimistic As for BCH’s outlook, its perspective has since changed dramatically. He said:
“Today I would say BCH is mostly a failure. My main conclusion is that communities formed around rebellion, even if they have a good cause, often struggle in the long run because they value bravery over skill and rally around resistance rather than a coherent path to follow ”.
As might be expected, this caused quite a stir.
Years go by, but some things apparently don’t change. Scalability is the most popular word this season, and Buterin acknowledges that he still believes that no one should pay more than a nominal amount for online transactions. He confirmed :
“… Although I stand by 100% my comment that ‘the internet of money should cost no more than 5 cents per transaction’. That was the goal in 2017, and it is still the goal today. This is precisely the reason why we spend so much time working on scalability… ”.
In Ethereum’s transition to the consensus mechanism Proof-of-Stake, Buterin sees a way to rid the cryptocurrency of its reputation as an environmental disaster, because the system PoS requires much less resources to maintain the network.
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