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Ethereum Plans to Cut Its Energy Consumption by 99 Percent

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Re: Ethereum Plans to Cut Its Energy Consumption by 99 Percent

#341

Post by runeks »

Sargos wrote: post #288
keymone wrote: post #231

Earlier quoted context omitted.

PoS was known way before PoW. It simply doesn't solve the problem at hand - decentralized consensus between mutually distrusting parties.

IOHK has many conference accepted peer reviewed research papers that show that proof of stake has equivalent security properties as proof of work.

A peer reviewed paper saying WPA2 is secure also exists. That clearly didn’t make it so.

Only if we enumerate all possible attack vectors, and prove resiliency against these, is the proof as general as you claim. The difficult part — as the WPA2 paper shows — is the former.

How do you know when you’ve enumerated all possible attack vectors?

Re: Ethereum Plans to Cut Its Energy Consumption by 99 Percent

#342

Post by Iv »

wpietri wrote: post #95
Iv wrote: post #81

Earlier quoted context omitted.

And many crypto-anarchists discovered that day that most people did not care about decentralization.

But if decentralization doesn't matter, then what's the point of these technologies? One can build these things much, much more efficiently if centralization is fine. Financial exchanges have been doing that for years. E.g., if you look at the LMAX approach, they can hit TPS rates something like 1,000,000 times faster than common blockchains: https://martinfowler.com/articles/lmax.html

Competition and bypassing de facto monopolies by big banks.

Re: Ethereum Plans to Cut Its Energy Consumption by 99 Percent

#343

Post by jacobush »

darawk wrote: post #293
jacobush wrote: post #158

Earlier quoted context omitted.

Like now, you can drum up support for your own new party.

Yes, but in the case of the US government at least, there are structural reasons why the two party system is a stable equilibrium. Those structural reasons do not exist for cryptocurrencies. The most important of which is that there can be only one president of the US government, only so many senators, judges, etc... There can be infinitely many concurrently competing forks of Ethereum. You and I can go fork Ethereum…

Half the point of a cryptocurrency is the network effect - so I don't see how your argument holds, at all.

It is not clear at all that a small political experiment will scale to a super power. It is equally unclear that a small crypto currency experiment will scale.

This is without even touching on how easy, or difficult to it is rally support for a new system. Quite difficult, I'd say.

Re: Ethereum Plans to Cut Its Energy Consumption by 99 Percent

#344

Post by ChaosEnergy »

keymone wrote: post #331
ChaosEnergy wrote: post #323

Earlier quoted context omitted.

No, being malicious is.

having lots of money is malicious?

No, it's not, that's why I said

> If the 51% user is truly malicious

Having 51% doesn't automatically make you a malicious user. People also wouldn't move away to another chain simply because someone or some group owns 51%. They would move if said person or group abuses the power they get from owning a majority.

Re: Ethereum Plans to Cut Its Energy Consumption by 99 Percent

#345

Post by darawk »

jacobush wrote: post #343
darawk wrote: post #293

Earlier quoted context omitted.

Yes, but in the case of the US government at least, there are structural reasons why the two party system is a stable equilibrium. Those structural reasons do not exist for cryptocurrencies. The most important of which is that there can be only one president of the US government, only so many senators, judges, etc... There can be infinitely many concurrently competing forks of Ethereum. You and I can go fork Ethereum…

Half the point of a cryptocurrency is the network effect - so I don't see how your argument holds, at all. It is not clear at all that a small political experiment will scale to a super power. It is equally unclear that a small crypto currency experiment will scale. This is without even touching on how easy, or difficult to it is rally support for a new system. Quite difficult, I'd say.

> Half the point of a cryptocurrency is the network effect - so I don't see how your argument holds, at all.

It holds because you can demonstrate its utility on a small network.

Re: Ethereum Plans to Cut Its Energy Consumption by 99 Percent

#346

Post by Sargos »

runeks wrote: post #341
Sargos wrote: post #288

Earlier quoted context omitted.

IOHK has many conference accepted peer reviewed research papers that show that proof of stake has equivalent security properties as proof of work.

A peer reviewed paper saying WPA2 is secure also exists. That clearly didn’t make it so. Only if we enumerate all possible attack vectors, and prove resiliency against these, is the proof as general as you claim. The difficult part — as the WPA2 paper shows — is the former. How do you know when you’ve enumerated all possible attack vectors?

That's a good question. It's impossible to prove that anything besides math itself is absolutely true but we can say that for all known knowledge what is in this paper is true and secure. Unless some new discovery is made the papers show that proof of stake has similar mathematical security properties as proof of work.

Re: Ethereum Plans to Cut Its Energy Consumption by 99 Percent

#347

Post by max_ »

collincusce wrote: post #304
hanniabu wrote: post #52

Earlier quoted context omitted.

That's incorrect. There are plenty of chains with pure PoS, and the reason it's taking Ethereum so long is because they have an established PoW chain that they are trying to seamlessly transition to PoS. At the same time they are also working on taking into consideration more aspects like how it works with their platform/smart contracts and sharding. I'm sure there's many other considerations I'm not aware of as well…

I haven't seen a pure PoS chain and I'm pretty heavy in the space. I HAVE seen a LOT of dPoS chains, which isn't the same.

Have u seen Qtum?
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