Jameson Lopp, a Bitcoin enthusiast and a successful entrepreneur, expressed his point of view on the ongoing discussion between Vitalik Buterin and Vlad Zamfir on the implementation of the Casper model of Proof-of-Stake [PoS] on the Ethereum blockchain. He turned to the state of Ethereum and regardless of whether developers do a good job of transition to PoS.
Ethereum and most cryptocurrencies are usually constructed on the basis of the work trial [PoW] concept to validate and add blocks to the blockchain. The main disadvantage when it comes to PoW is that it requires a lot of resources. Beyond that, it can also be damaged by the 51% attack.
Proof-of-Stake, on the other hand, replaces the miners with the validators who put into play some of their coins to validate the blockades imminent to the blockchain. The main advantage of PoS compared to PoW is that it eliminates the idea of spending resources like electricity.
There are arguments between two proposed PoS that the Ethererum blockchain will turn into. The two PoS models are Casper, Friendly Finality Gadget (FFG) and Casper, the friendly GHOST: Correct-by-Construction (CBC). Casper is not a specific project, but a fusion of two research projects that have been discussed by the developers of Ethereum.
Referring to this, Jameson Lopp said that it is hard to believe that he has found an optimal version of whatever protocol should be, because it changes and evolves always because the work that is done is always repeated and modified accordingly.
"There was a failure of their testnet and this, by itself, does not mean that the whole thing is faulty, it just means there are still some bugs to be solved."
Lopp added that the creation of this type of networks takes a long time and you can be 100% sure that it is error free or fully operational. He has declared:
"Well, the system has worked for so long and is securing these millions or billions of dollars in assets, and has not been successfully attacked."
He confirmed that there were many people who were holding back their Ethers to beat them when the PoS is actually implemented. Lopp believes that people want to be validators on the blockchain and gain interest on tokens.
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