How The Incentives Of Proof-Of-Work Are More Fair Than Proof-Of-Stake
Proof-of-work is the innovation that drives energy innovation. Proof-of-stake ensures the richest among us will continue their control over others.This is an opinion editorial by Mickey Koss, a West Point graduate with a degree in economics. He spent four years in the infantry before transitioning to the Finance Corps.As Ethereum completes its transition to proof-of-stake consensus, I can’t help but notice the plethora of articles citing a 99% reduction in energy usage. The claims, however true, are misguided and counterproductive.Proof-Of-Stake IncentivesProof-of-stake validators need to....
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Bitcoin’s incentives are clear and fair, while proof-of-stake has contrasting incentives that are the same as the current system where the rich get richer.
What is delegated proof of stake? “(DPOS) Delegated proof of stake is a new consensus algorithms that allows shareholders (or the users of the system) to have control over who is certifying the ledger. it allows us to have 10 second block times, process 10 transactions per second or more, and allows the network to scale; to have dedicated nodes that are highly efficient and specialized yet remain in control of the shareholders. We can actually have 10 second confirmation on your blocks that is more secure than bitcoin.” How is DPOS different than proof of stake or proof of work? “Proof of....
A technical and in-depth analysis of the trade-offs that Ethereum’s consensus mechanism makes in its switch to proof-of-stake and how proof-of-work differs.
It is evident that proof-of-work is a pure representation of free-market forces as opposed to the control of proof-of-stake.
Bitcoin Magazine Pro hosted a Twitter Spaces that brought the biggest names in Bitcoin and crypto to converse about the Ethereum move to proof-of-stake.