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Vitalik Buterin shared a post about the Ethereum 2.0 update and announced that it will be released on December 1, 2020. In a tweet he shared on November 6, Buterin announced that he has provided some insight into the benefits of the Ethereum 2.0 network. According to Buterin, although PoW-based systems have some positive features, ETH 2.0 using Proof-of-Stake (PoS) offers greater security at the same cost.
Ethereum co-founder Vitalik Buterin talked about the benefits of ETH 2.0 without waiting long after the news of the ETH 2.0 update. Buterin wrote that PoS-based ETH is safer, acknowledging that PoW has some indisputable advantages. In doing so, Buterin compared the 51% cost of attacks on PoW and PoS systems.
A short post reiterating the case for proof of mail: https: //t.co/viW2EYAXf3
– vitalik.eth (@VitalikButerin) November 6, 2020
Costs compared
Vitalik Buterin’s post on the update was also the subject of U.Today’s news. In the report, it was reported that the cost of a 6-hour GPU-based PoW attack was estimated at $ 0.26. However, ASIC-based PoW mining equipment is much more expensive, Buterin said, adding that an attack in such a system requires 66% of the capital. So a mining attacker must spend $ 486.75 to acquire $ 1.
It has been claimed that in PoS-based systems, a period of 6,667 years is required for attacks by malicious individuals to occur. In this case, the total cost of the attack is $ 2,189.
Other advantages of PoS-based ETH
Defense capability has been claimed to be superior to PoW due to decentralization of PoS systems. According to Buterin, 51% of attacks on GPU or ASIC-based PoW systems are much more vulnerable, while the situation on PoS is different. Buterin said attacks on the PoS-based network will cost the attacker millions of dollars.
Vitalik Buterin showed another advantage such as the ability to implement PoS systems on a simple laptop or VPN. GPU and ASIC mining, on the other hand, requires high power consumption, expensive hardware, and large warehouses.
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