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For those interested in understanding the tech rather than the typical bashing things as beneath them, I wrote up a detailed technical explainer of how Ethereum PoS works: https://0xfoobar.substack.com/p/ethereum-proof-of-stake
This doesn't really change anything, I still cannot find any legitimate use cases for blockchain, Proof of Stake or not. I would happy to be proven wrong, but this is extremely rare as I can't find any legitimate actual useful use case since Bitcoin and Ethereum's existence.
Blockchains solve the double-spend problem. Allows for scarcity in the digital realm. Ethereum is a platform for decentralized finance, anyone can borderlessly lend and borrow in seconds. Endless possibilities.
> The Merge is one of the largest technological events in the industry to date. I feel kinda ashamed. I work in the IT industry and I claim to have knowledge about ("good") software engineering practices, distributed systems, compilers, algorithms, etc. Nevertheless, I didn't understand a word of what the article is saying. Could you recommend serious references (preferably books and not random blogs) I could read to…
Here is a good video that basically explains everything: https://www.youtube.com/watch?v=bBC-nXj3Ng4 This is not a very good explanation, but basically, you can have a "currency" using just asymmetric key cryptography: users simply sign "transactions". The problem is that you need a central authority to confirm the order of transactions, otherwise the recipient of a "transaction" will not know if the funds associated…
I assume it has been debated again and again, but since I don't know the answer I'm going to ask: We often complain people hold cryptocurrencies instead of using them as money. Isn't this change going to make this worse ?
Stablecoins are mostly what people use for payments. ETH is what's staked on the beacon chain.
It's true eth has never been a mean of exchange for any of us and more a platform for smart contract (my friends at kryll.io use it for that).
The validator of the first proof of stake block earned just over 45 ETH as everyone clamored to get their transaction in this historic block: https://etherscan.io/block/15537394
The validator is randomly chosen, no? So we essentially have a lottery as a banking system now?
Earlier quoted context omitted.
The official Ethereum docs [0] are a good starting point. There are a lot of good resources under the "Learn" tab as well. [0] https://ethereum.org/en/developers/docs/
Thanks. I know the official docs. They just feel to me like the official docs of K8s (they are good, but not great. Great in the sense of "Brian Kernighan" or "Stevens" book kind of great). I guess there are not many more options out there I'm afraid.
other than that https://ethereum-magicians.org/ and github.
I assume it has been debated again and again, but since I don't know the answer I'm going to ask: We often complain people hold cryptocurrencies instead of using them as money. Isn't this change going to make this worse ?
The most likely end game for Ethereum is being a replacement for all backend financial systems. Instead of having to hire teams of people to verify things or integrate various legacy systems together, everyone can build on one neutral platform and pay a little ETH as the fee for using it.
For those interested in understanding the tech rather than the typical bashing things as beneath them, I wrote up a detailed technical explainer of how Ethereum PoS works: https://0xfoobar.substack.com/p/ethereum-proof-of-stake
Guess you can update this part now! >3. PoS (Ethereum, soon™)