Post
Topic
Board Altcoin Discussion
Re: The state of crypto - The only serious thread on the subforum
by
smooth
on 16/09/2015, 20:24:46 UTC
And why Ethereum is in such huge trouble that nobody seems to acknowledge.  It took Satoshi a long time to create the consensus mechanics of Bitcoin, now you have Vitalik trying to create one on the fly after the coin was already released.  They can't copy standard proof of stake due to all of it's negatives.  He's either going to have to beat Satoshi, copy DPoS, or a far more experimental method that might end in critical failure like a DAG chain.

It would be absolutely insane for Etherium to actually go through with changing the core consensus mechanism of the chain. Like it or not, there really is no viable alternative to POW at the moment.

edit: only POW provably solves the byzantine generals problem in the face of sybil attack

I actually think it is possible that Ethereum will just stick with PoW (or maybe a hybrid PoS+PoW). They've always couched the discussion of PoS in terms of "if it can be made to work". Obviously Vitalik is a fan of PoS and he criticizes PoW based on what he calls its devastating environmental impact but I also think he is at times intellectually honest enough to just admit that it can't be made to work and conclude "we tried our best, but ultimately we decided to stick with PoW."

This would be a bruising political battle given the obvious desire by existing Etherium stakeholders to cut the coin supply from infinite to premine+18 month of mining or whatever, but I don't view it as impossible (nor am I predicting it).