Unlike Bitcoin’s applied proof-of-work algorithm, in which the miners use real electricity for confirming blocks with transactions, proof-of-stake offers something like “virtual mining,” when the coins themselves are locked and the computational power is not decisive, and the amount of the corresponding cryptocurrency, stored in the account of the miner.
“I consider proof-of-stake to be fundamentally vulnerable. You give power to the group that will lead the situation. In my opinion, you are giving control to people who have a lot of money, “- said the computer scientist, the main VMware researcher Dahlia Malhi, talking about the protocol Ethereum – Casper – during the conference on financial cryptography in Curacao.
Implementing Casper, Ethereum developers promise to introduce an improved blockchain algorithm with changed rules for generating and distributing blocks.
“Yesterday I spoke with the author of Casper Vlad Zamfir. He believes that the protocol is useful if “for the most part” is viable,” said Malhi, noting that she does not share this view. In her opinion, the idea lacks “traditional academic rigor”, because of which key assumptions may be incorrect.
She noted the value of the protocol, which led to an “interesting” study and thus contributed to the development of distributed registry technology, but at the same time she said that “it is very easy to propose a solution that is not viable,” while everything you need to do in the field of blockchain is “trivial” “Create mechanisms that are safe and viable”.
Write: Richard Abermann