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In reality, Ethereum is eating the world with all the innovation, and very soon also goes green.
Vitalik Buterin, Ethereum founder has been long advocating ‘proof-of-stake’ to deal with scalability issues and environmental woes.
Vitalik in the past expressed: “Ethereum will move to proof of stake within 1-2 years”
Ethereum proof of stake research began in Jan 2014 with Slasher. Though the algorithm is highly suboptimal, it introduced some important ideas, most particularly the use of penalties to solve the nothing at stake problem.
They have spent much of late 2014 trying to deal with “long range attacks”, where attackers withdraw their stake from deposits on the main chain, and use it to create an alternate “attack chain” with more signatures than the main chain, that they could fool clients into switching to.
If the attack chain diverges from the main chain at a fairly recent point in time, this is not a problem, because if validators sign two conflicting messages for the two conflicting chains this can be used as evidence to penalize them and take away their deposits.
In the beginning, proof-of-work used to be appealing as people were required to have just an ordinary computer to mine coins. These days mining is done by large, well-financed pools, eventually cutting off general public from the equation.
In the proof of stake process, there is a need for validators to maintain the cryptocurrency. The owners put their tokens as a collateral and they get authority over the token proportionate to the amount they stake. In POS, these token stakers will be getting additional ownership in the token with time via network fees, newly minted tokens or other such reward mechanisms.
If the switch to POS is successful, it will eventually bring down Ethereum’s energy use by up to 99.95%. A POS Ethereum theoretically “consumes something on the order of 2.62 megawatts.”
POS is still in its infancy.
Community response: Ethereum is a casino for dog tokens and digital collectibles. The Ethereum ecosystem is a centralized nightmare and it will only get worse once they switch to Proof of Stake. Ether is a fiat Trojan horse.
A Trojan horse, or Trojan, is a type of malicious code or software that looks legitimate but can take control of your computer. A Trojan is designed to damage, disrupt, steal, or in general inflict some other harmful action on your data or network. Once installed, a Trojan can perform the action it was designed for.
In computing, a Trojan horse is any malware that misleads users of its true intent. The term is derived from the Ancient Greek story of the deceptive Trojan Horse that led to the fall of the city of Troy.
