41–50 of 74 posts
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Cardano is PoS and released its testnet last month. Tezos is another.
Cosmos is PoS and released its mainnet in March.
> A vibrant ecosystem of banking functions, asset management, trading exchanges, and more have sprung from this, requiring Ethereum to quickly respond to external events and triggers. That's a bit of a stretch isn't it? Other than speculation and money laundering, I don't think any dapps have gained any traction at all, let alone a vibrant ecosystem.
Not a lot of traction yet, but definitely vibrant.
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 order for Proof-of-Stake to work right from the beginning it needs to have the network effect of many participants trusting the network
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Cosmos is PoS and released its mainnet in March.
A Proof of Stake consensus for a public blockchain like Ethereum has different requirements and is substantially harder to execute than for a permissioned network.
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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…
You're completely missing the point raised though. 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…
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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.
What are the problems with current PoS systems? Not being glib, seriously interested as there are at least a few that implement some kind of Pos (for example dPoS with Ark)
Describing a consensus algorithm as "Proof of Stake" simply means it uses some kind of stake to secure its decisions, this doesn't say anything about the assumptions it starts from.
Existing "PoS" blockchains don't have the same decentralization goals as Ethereum.
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.
> [With PoS, Ethereum would lose] the baggage of wasting the electricity of a small city to keep itself running. "Small city" sounds suspiciously small. Last time I checked, Bitcoin had the same electricity consumption as the entire country of Austria. I can believe that Ethereum has less miners, but by that over 2 magnitudes?
According to https://ethernodes.org/ there are ~7.5k nodes & according to https://www.etherchain.org/charts/distinctMiners ~60 miners running ATM. Small city sounds a bit big in that context.
As you can see there are ~570k workers contributing to ~79k mining addresses. A lot of the data you see about "distinct miners" might be pools rather than your loner GPU miner.
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There’s also the fact that Ethereum has an almost completely different architecture including block times which affect the frequency of mining, different reward structures, etc. As far as I know its not necessarily the difference between Bitcoin’s SHA-256 vs Ethereum’s Ethash as much as it is about the architecture itself.
There's so many inputs that it's difficult to casually come up with an intuition-guided estimate. So it makes some sense to have faith in the empirically guided value. We hope that they took the time to validate their algorithm for extrapolating the energy consumption.
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What are the problems with current PoS systems? Not being glib, seriously interested as there are at least a few that implement some kind of Pos (for example dPoS with Ark)
Permissioned networks are a very much easier setting to design a consensus protocol for than public ones. Describing a consensus algorithm as "Proof of Stake" simply means it uses some kind of stake to secure its decisions, this doesn't say anything about the assumptions it starts from. Existing "PoS" blockchains don't have the same decentralization goals as Ethereum.
What about Cardano and Tezos? aren't they decentralized PoS blockchains?