thecoinrepublic.com
In response to claims that the Proof-of-Stake (PoS) mechanism does not provide a decentralized consensus, Ethereum founder Vitalik Buterin has stepped up to defend it.
Jimmy Song, a developer of Bitcoin, led the attack against PoS by pointing out that the protocol does not solve the Byzantine General’s Problem.
On July 3, Butrerin attacked Song in a tweet, calling his criticism of PoS “stupid” since it was based on a definitional inaccuracy.
Byzantine General’s Problem
The Byzantine General’s Problem, it should be noted, alludes to the difficulties decentralized systems have in reaching a consensus on a single fact.
Notably, the issue has long influenced the value of money, and the advent of Bitcoin was seen as a potential remedy thanks to Proof-of-Work (PoW).
Additionally, Bitcoin seeks to provide a general solution to the issue where a consensus may be reached with the support of more than 50% of the computer power.
Individual miners acting like generals separately solve the problem. Each node in this scene tries to validate transactions that are similar to those in regular communications.
Another approach to solving the Byzantine General’s Problem effectively and sustainably without the high energy and hardware expenses associated with PoW coins is the usage of PoS.
Additionally, the technique eliminates the economies of scale from which the biggest miners in PoW profit, whereas PoS offers each user an equal chance.
By enabling the divided and uncoordinated Generals to reach an understanding despite slow communication, PoS also tries to resolve the Byzantine General’s Problem.
Notably, Ethereum is transitioning from the PoW technique to the PoS mechanism. Currently, governments all over the world are concerned about PoW energy consumption rates, which are seen as environmentally unsustainable.
According to Finbold, the New York Senate approved a bill that imposes a two-year ban on any new PoW mining ventures in the state that use carbon-based fuel.