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Founder of Ethereum, Vitalik Buterin, supports proof of a job test; ETH Set to launch a more powerful PoS
The debate on which consent to use within the blockchain ecosystem mainly favored the Proof of Stake over Proof of Work protocol. Co-founder of Ethereum, Vitalik Buterin he is the last to defend the consent of the PoS when he was interviewed by Blockchain Insider.
Vitalik it started with an overview of the consensus of PoW and PoS. The founder of Ethereum noted that the two are different from one another, so the different preference in the crypto development arena. According to Buterin, Proof of Work is a simple form of communication between the computers involved in completing the cryptographic coin ecosystem. Basically, computers agree on the blocking order and other requests within the network. Vitalik further explained the concept of PoW;
"Proof of work you can think of it as a sort of voting mechanism where you know that a unit of computing power votes well is a huge simplification, but it's a good way to think about it, proof of the mail replaces that with essentially a currency within the system equals one vote "
However, Vitalik has agreed that both consents have some similarities especially in the use of resources. The Consent PoW and PoS they are designed to reward participants in the network, and therefore the incentive to engage in mining and voting. Furthermore, this reduces the likelihood that a participant in the network has more personalities to create a majority network control.
The Consent of the stake test it is certainly Vitalik's favorite and has provided a couple of support factors for this injury. One of the most obvious is its energetically efficient nature; PoW consent requires 24-hour power for processing. This is the only way that math puzzles can be solved for the release of new blocks within the network.
Bitcoin mining operations will require much more energy than most of the world today works according to Vitalik. The co-founder of Ethereum has however stated that it is not the case of ETH, although its energy needs are still higher than the level desired by the team.
The Pole demonstration protocol it is highly digital with the sole obligation of the participants to demonstrate ownership of the currency within the network. Ethereum network users, for example, enter their digital identity which in turn must correspond with the cryptographic keys on their digital resources. This approach significantly reduces the amount of energy consumed by the ecosystem.
Ethereum & # 39; s New Proof Of Stake (PoS)
The Pole demonstration protocol It is common within the crypto industry, although players have several changes to meet their interests or their economic reach. Vitalik recognizes the popularity of this consensus, but adheres to the argument that the Ethereum protocol has something more to offer.
One of the market's PoS stakeholders identified by Vitalik includes Tezos, whose version is apparently simpler. The position of the co-founder on this simplistic nature implied a competitive advantage for Ethereum. At the moment, The Ethereum team is working to advance its PoS to improve the power of its network compared to its competitors.
The point of view of Buterin was that the simplistic PoS is nothing but a replica of the Proof of Work protocol. He argues that the random nature of computing by computers is simply transferred into the blockchain ecosystem and represented instead of coins. Ideally, the simulation is now internal to the external PoW approach. Vitalik summarized this concept in a nutshell;
"So you still have a structure where you can get a block and a block over a block, and that kind of structure is nice because it's very simple and very unthinking, but it's also terrible because it takes a long time for the blocks to reach consensus"
To explain this practically, Vitalik used the famous BTC transaction time to explain the obstacles related to PoW. Bitcoin requires 6 confirmations for a transaction to be approved; this can take about an hour which turns out to be slow. However, these inefficiencies are still inherited from the PoS protocol, hence the decision of Ethereum to develop an advanced consensus in the near future.
The Ethereum approach the new PoS integrates a couple of concepts from existing chains led by the false Byzantine theory. The cryptographic development project will present a combined PoS that exploits the properties of the existing chain protocols and the BFD algorithm. According to Vitalik, this offers their platform an important advantage in the sector;
"So, in our case, we have a version of this algorithm that takes more time to reach a final consensus, but not too long … and the advantage that this gives you is that in something like five seconds you get some sort of soft chords that this block is probably part of history forever. "
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