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During an interview for a podcast from Blockchain Insider – Vitalik Buterin, very respected and well known creator of Ethereum [ETH – third largest cryptocurrency by market capitalization], added his comments on the functionality and future of Bitcoin and Ethereum.
Mr. Buterin praises the leading network of innovative technology, but it has weak-points if set toe-to-toe with PoS. This comes, according to him, to the level of energy consumption that the network requires to clear transactions as requested.
"These two mechanisms are kind of similar because they both use economic resources to keep the level of participation you can have in the network. If you do not have that kind of economic gatekeeping, then one participant can claim to be a billion fake participants and then take over the entire network. And Proof of Work does that. Proof of Stake does that, in our opinion, better for a couple of reasons. "
- Continued comparing PoW and PoS
One of them is that with Proof of Work, in order to evidence that you actually have this computing power, you have to turn these on to computers and have them solve mathematical puzzles 24/7. And this leads to huge amounts of energy consumption. I think Bitcoin is at the point of exceeding probably the majority of the world's countries'. And Ethereum is definitely not nearly at that point, but it's still much higher than I would like it to be.
And Proof of Stake is to be more effective because, to prove that you have, you just need to sign a digital signature with the same cryptographic key that has those coins. 10,000 nodes that you need to verify every transaction, which is much less. "
Moving over to Vitalik Buterin 's official twitter handle, when asked about Bitcoin [BSV] he replied that despite standing in disagreement with the set-roadmap, the aforementioned flaws that PoW showcases – its genuinely cool tech.
Yeah no, I have my disagreements with the bitcoin roadmap, PoW, etc but they're trying to do something that's genuinely cool tech. BSV is a pure dumpster fire.
– Vitalik Non-giver of Ether (@VitalikButerin) December 25, 2018
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