While The Merge is up to date and the whole move to Proof of Bet finally approaching, the defenders of the Proof-of-Work stay upright. To them, the Proof-of-Work there is still a bright future to ensure decentralization and network security. A few days before The Merge excerpt updated the first one test networkVitalik Buterin goes on the offensive by publishing a recommendation on the Proof of Bet on the Hackernoon website. Article surprised by his radicalism, as if Vitalik knew that the final battle was beginning for the next phase of Ethereum.
- an Proof of Bet it will guarantee decentralization and security
- How to repair the network in case of an attack? The final argument for the PoS
- After The Merge, consecrated Ethereum (ETH)
Should Ethereum (ETH) continue to follow the Bitcoin consensus?
We all know that the capitalization of Bitcoin (BTC) is about two things. It is the most secure and decentralized blockchain. It is technically impossible to take control of the network. Moreover, the Proof-of-Work prevents large sums of capital from being able to buy on the blockchain. However, Vitalik Buterin points out that we should not fear the transition from Ethereum (ETH) to Proof of Bet, on the contrary: it is a desirable transformation. The solution of the blockchain trilemma will not lead to scalability at the expense of decentralization and security. In fact, Vitalik Buterin solves the problem from an economic point of view. This involves calculating the cost of an attack to assess what type of agreement is dissuasive.
Where Proof-of-Work, someone who wants to attack the network should have enough CPU to be in the majority. If he hires them, the cost is very small compared to what they can get, especially since he will earn a reward from mining. ASICs can then be used as the Bitcoin. This must be purchased and represents a higher cost. In addition, if there is a risk of attack, miners can change the algorithm to increase the difficulty. However, this cost is nothing compared to the cost of attacking the Proof of Bet because security depends not on computing power, but on the storage of signals. So 51% of the token bets need to be there to attack the network. However, as investors take their signals to reap results, an attack will be impossible.
The architecture i Proof-in-bet helps cure network attack
Vitalik uses a different kind of argument. Suppose the attacker succeeds in attacking the blockchain. How to respond to this situation? With the Proof-of-Work, There is nothing to do. The attacker becomes bored and leaves the network, or the blockchain becomes obsolete because it will no longer be trusted (such an attack spawning camping). On the contrary, an answer can be found in the Proof of Bet. The IS ” slash »Allows in the event of an attack destroy the signs of the attacker. The second attack would require as much capital as the first attack. In addition, as we have seen in Juno’s case, the public can decide the purse of the attacker. As well as being hugely costly, the attack could be so useless. So no need to worry about Ethereum security after The Merge update. It will be even reinforced.
Will The Merge affect the price of ether?
Even if this final update has not yet taken place, the resulting changes are unimaginable. For Ethereum, the need for stacker In fact ether to secure the network will create an ether shortage. In addition, the network will be faster and cheaper than today. We should therefore expect a return to the ether price rise once the update is complete.
However, Ethereum will not be the sole winner of the update. All of these layers 2 are also preparing for this transformation, as they will also emerge in terms of scalability and reduced costs. The War layers 2 will be tough, we can already see it with the increase of Hope. Behind it, Arbitrum, MetisDAO is also looking to attract projects. Polygon also continues to update to be competitive against these foreigners. Ethereum will remain the primary network for institutions. But the layers 2 will be able to develop all the applications that need speed and will attract many users.
After several years of waiting, Ethereum is soon finishing its transformation. The Merge update will switch to Proof of Bet. To dispel the constant criticism, Vitalik has decided to go on the offensive with this lengthy plea in favor of proof in question. This spread indicates that this transformation is not insignificant. The end of an era is coming, that is the dominance of the miners over Ethereum. But also the beginning of a new era, in which Ethereum and its part dominates even more layers 2 in the world of Fi and Web3. We will know in a few months if Vitalik’s bet has been successful.
Get a summary of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Cointribune!
Write an article HERE
Founded by Marc-Antoine CAEN POLETTI in 2021, Alt Write SEO is a content writing agency that focuses on cryptocurrency, blockchain and NFTs. It gets its roots in 2016 with the French Cryptocurrency Club, of which Marc-Antoine is the current president. Our mission is to support French-speaking crypto companies to make France the world’s first crypto nation.