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As an outsider to the blockchain world, I would be more interested to know why proof-of-stake is not used by Ethereum yet. Found one article on the subject: https://medium.com/ibbc-io/the-beautiful-complexity-of-pos-3...
As an outsider to the blockchain world, I would be more interested to know why proof-of-stake is not used by Ethereum yet. Found one article on the subject: https://medium.com/ibbc-io/the-beautiful-complexity-of-pos-3...
Because it's hard. Also technical debt moving from Eth 1 to 2 makes it harder. My guess is another blockchain will execute PoS better because it won't have tech debt.
In mid-2018 they threw out that plan, choosing instead to implement PoS as an entirely separate chain, integrated with sharding. This entailed a delay of over a year, but it meant a minimum stake of 32 ETH instead of 1500, and an overall much more efficient and scalable system. There are three main phases, the first being the core proof-of-stake "beacon chain," which is currently running a multi-client testnet.
There have been various proposals for migrating legacy Ethereum into all this; here's the latest: https://ethresear.ch/t/alternative-proposal-for-early-eth1-e...
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Decentralised Finance (Defi) apps are starting to gain traction on Ethereum. Theres about half a billion in funds currently making use of them. https://defipulse.com
Even those are mostly exchanges (speculation), derivatives (extra speculation) and stable coins (to enable speculation on exchanges which want to avoid AML and KYC in the facilitation of money laundering).
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But the ASICs are used because they are more efficient. Forcing miners to use less efficient hardware is going to drive up the average energy per hash calculated.
The system is meant to balance itself out one way or the other. You throw more efficient resources at it, and it becomes less efficient to maintain its 10-20 second block times. It's actively anti-efficient. The idea behind ASIC resistance is not efficiency, but rather to limit centralization. If you can use generic hardware that anyone can access it is intended to reduce capex required to become a cost-effective min…
As an outsider to the blockchain world, I would be more interested to know why proof-of-stake is not used by Ethereum yet. Found one article on the subject: https://medium.com/ibbc-io/the-beautiful-complexity-of-pos-3...
Because it's hard. Also technical debt moving from Eth 1 to 2 makes it harder. My guess is another blockchain will execute PoS better because it won't have tech debt.
Tezos is another.
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Because it's hard. Also technical debt moving from Eth 1 to 2 makes it harder. My guess is another blockchain will execute PoS better because it won't have tech debt.
Cardano is PoS and released its testnet last month. Tezos is another.
As an outsider to the blockchain world, I would be more interested to know why proof-of-stake is not used by Ethereum yet. Found one article on the subject: https://medium.com/ibbc-io/the-beautiful-complexity-of-pos-3...
Proof-of-stake is cryptocurrency's fusion power: perpetually "less than a year away"; it's the technology of the future and always will be.
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Even those are mostly exchanges (speculation), derivatives (extra speculation) and stable coins (to enable speculation on exchanges which want to avoid AML and KYC in the facilitation of money laundering).
Would you say the same thing about cash? Because Dai is the closest thing out there to true digital cash.
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That's totally fair and I only call it out because in my original post I said "other than speculation and money laundering" (which I freely admit is a big use case) and you provided me a list dominated by speculation and money laundering.
Maker and Compound both support interest and borrowing which are what you'd find in a traditional bank (at much worse rates). The money laundering argument could be applied to anything that can't be controlled by governments. Unfortunately there are many countries where monetary policy is oppressive so Defi finance is a legitimate alternative. Just because technology can be abused doesn't mean that it shouldn't be us…
They said there are no real uses of this technology outside of speculation and laundering and your response is that tools for speculation and laundering are useful. That's not really what the argument is here.
The argument is that this technology is being touted as diverse and widely popular when it in fact is not and mostly only used in circular use cases involving itself.
So Muir Glacier is not mentioned anywhere in the article text.