Buterin and Armstrong Reflect on Proof-of-Stake Change as Ethereum Merger Approaches
Two cryptocurrency influencers reveal their individual journeys to understand the promise of proof-of-stake approach from The Merge for Ethereum.< /p>
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Ethereum co-founder Vitalik Buterin and Coinbase CEO Brian Armstrong believe a gradual mindset shift and significant community contributions led to their support for the move Ethereum's next move from proof-of-work (PoW) to proof-of-stake (PoS) consensus.
The two industry titans joined Coinbase protocol expert Viktor Bunin on the Around the Block podcast for an insightful discussion centered on The Merge, set to take place in mid-September 2022.
Buterin reflected on his history of considering proof-of-stake as a potential consensus mechanism for the Ethereum blockchain, which was initially met with skepticism due to a number of unresolved issues that made it seemingly unresolved. not viable.
According to the Ethereum co-founder, one of the project's first blog posts in 2014 proposed an algorithm called slasher, which introduced the concept that a node would be penalized for voting for contradictory actions:
"This was my attempt to make inroads into solving what Proof of Stake critics call the 'nothing at stake' problem. In Proof of Work, if you want to build on top of of two blocks, you have to do double the work, but in proof of stake, you can just sign as many things as you want."
Buterin thought introducing an explicit penalty for signing contradictory actions would be a viable option. Research continued through 2014 to explore the security assumptions Ethereum should rely on with PoS and whether it could be more secure than PoW by having reduction penalties eat away at staked deposits instead. than the rewards.
[embedded content]Buterin then reflected on a concept introduced at the end of that year called "weak subjectivity". He explained that for a PoS network to benefit from...
Two cryptocurrency influencers reveal their individual journeys to understand the promise of proof-of-stake approach from The Merge for Ethereum.< /p>
New
Ethereum co-founder Vitalik Buterin and Coinbase CEO Brian Armstrong believe a gradual mindset shift and significant community contributions led to their support for the move Ethereum's next move from proof-of-work (PoW) to proof-of-stake (PoS) consensus.
The two industry titans joined Coinbase protocol expert Viktor Bunin on the Around the Block podcast for an insightful discussion centered on The Merge, set to take place in mid-September 2022.
Buterin reflected on his history of considering proof-of-stake as a potential consensus mechanism for the Ethereum blockchain, which was initially met with skepticism due to a number of unresolved issues that made it seemingly unresolved. not viable.
According to the Ethereum co-founder, one of the project's first blog posts in 2014 proposed an algorithm called slasher, which introduced the concept that a node would be penalized for voting for contradictory actions:
"This was my attempt to make inroads into solving what Proof of Stake critics call the 'nothing at stake' problem. In Proof of Work, if you want to build on top of of two blocks, you have to do double the work, but in proof of stake, you can just sign as many things as you want."
Buterin thought introducing an explicit penalty for signing contradictory actions would be a viable option. Research continued through 2014 to explore the security assumptions Ethereum should rely on with PoS and whether it could be more secure than PoW by having reduction penalties eat away at staked deposits instead. than the rewards.
[embedded content]Buterin then reflected on a concept introduced at the end of that year called "weak subjectivity". He explained that for a PoS network to benefit from...
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