“No, Transitioning to PoS Won’t Fix Ethereum’s Flaws” – And Here’s Why





The crypto-currencies have been given many names. Bitcoin [BTC]in particular, has been compared to things like tobacco. Ethereum [ETH]meanwhile, garnered backlash ahead of his passage from Proof-of-Work [PoW] to proof of participation [PoS]. In a recent interview, Nicholas Weaver, a computer scientist, explained why he considers Ethereum a “self-assembled Ponzi scheme”.

There is quite a big gap between the two worlds. Some have embraced cryptocurrencies because they believe their emergence is inevitable. A few others, however, continue to criticize the industry and believe that cryptocurrencies are not real currencies. Weaver fell into the latter category, as he was quite popular for his criticisms of the cryptocurrency industry.

In his latest interview, Weaver tackled Ethereum’s highly anticipated network upgrade, ‘The Merge’. He started by noting how PoS has really solved a lot of Ethereum’s problems.

The Ethereum network has long been singled out for its high fees and scalability issues. Merging, however, solves none of that. That’s why he said, “but proof-of-stake doesn’t solve Ethereum’s problems.”

The transition to PoS has been ETH’s book for the longest time. The developers have been working on it for years. But the community was asked with constant delays. While the merger is expected to take place in September, several members of the community continue to remain skeptical. Weaver was one of them, he said

“So, first of all, Ethereum has promised proof-of-stake since its inception. And it’s always been six months from now. So wake me up when the transition happens. »

Ethereum ethos is a lie?

Each network in the crypto-verse adheres to certain principles of its own. On the same subject : 2 good reasons to buy Ethereum now, and 1 reason to wait. Likewise, the Ethereum network lives by the mantra “code is law”.

Ethereum issuance is extremely unstable. It certainly does not seem programmatic to me. I thought the Ethereum community lived by “code is law” not “code is law except when we have to change it”.

This thing is not decentralized. Central planning at its worst. pic.twitter.com/C909lf01Dq

While several people have criticized the channel for not complying, Weaver has also taken a swipe at it.

“The Ethereum community has already shown that its ‘code makes law’ mantra is a lie. If you steal their money, like the original DAO hack, they will change the code to steal it again. And the move to proof of stake literally says whoever has the most money makes the rules. »

13:00 When the DAO incident was resolved by a hard fork, it was an example of human governance over an IT system.

The whole “code is law” is not a belief shared by any serious Ethereum person.

Layer 0 is always the law: the people.

💎 Open an account for free to Invest in crypto!

CoinHouse allows you to easily invest in crypto-assets. Creating an account is free and takes just a few simple steps.

📈 Trade cryptos online in just a few clicks!

BitPanda allows you to trade crypto easily online. Creating an account is fast, free and very simple.

Be vigilant and consult your financial adviser before making any investment decision. Mirror-Mag cannot be held responsible in the event of bad investments. Before using any third-party service, you should do your own research.

ThomasE.
The latest articles by Thomas E. (see everything)