30 sats \ 0 replies \ @faithandcredit 8 Jul 2022
If it isnt broken, dont fix it. Dont understand why ppl pursue PoS when proof of work will do fine.
That being said its tempting to think about proof of stake and how to solve the issues it faces to get something that works.
One of the unsolved issues for Ethereums PoS-model is that there is no cap on the number of active validators which is a problem because keeping track of the 400k+ current validators consumes alot of bandwidth and IO and solo stakers are reporting bandwidth usage of 5-10TB per month, this is before the blocksize increase to about 1mb (EIP-4844) which will boost bandwidth consumption further but thats beside my point. iirc the safer number of active validators is around 180k, so i am interesting to see how they solve this.
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16 sats \ 0 replies \ @falsefaucet 8 Jul 2022
"PoS (Ethereum, soon™) gives block producing power to whoever locks up their native tokens, proportional to how many they have staked."
Enough said
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6 sats \ 3 replies \ @yukoncornelius 8 Jul 2022 freebie
Seems that he fails to mention bitcoin has 2 types of nodes. One of which is non-centralizing.
Edit:
Bitcoin’s miners do not provide consensus, it’s validation nodes do.
Idk, seems like he’s overlooked a major portion of why bitcoin works.
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0 sats \ 2 replies \ @captain_stacks 8 Jul 2022 freebie
This is one of the most common misconceptions I see about Bitcoin. The validator nodes do not provide consensus because there is no voting or governance in Bitcoin, otherwise it would be susceptible to Sybil attack. Bitcoin solves this problem by relying on the unforgeable costliness of PoW to establish consensus. Your node is there to protect YOU from trusting anyone else as to the state of the ledger or the ruleset you consider to be canonical.
10 sats \ 1 reply \ @02d10975a1 8 Jul 2022
I think one of major practical issues with PoS is that everyone must keep their coins in a hot wallet. You have to trade off your personal security for the security of the network. It's just stupid and removes one of major benefits from cryptographic currency, i.e. being able to cold store.
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0 sats \ 0 replies \ @captain_stacks 10 Jul 2022
Lightning nodes require BTC to be held in a hot wallet, and without Lightning, you don't have fast, cheap transactions on Bitcoin. IMO it's a similar tradeoff.
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