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Prominent Cryptographer Adam Back Tweets Out Against Proof-Of-Stake Networks
Summary: Adam Back, a cryptographer who was cited in Bitcoin's White Paper, laid out fundamental problems with a proof-of-stake system in a tweet on Monday, August 24. Back wrote that even if a proof-of-stake network were implemented it would be undesirable and replicate the worst aspects of fiat political money state. One of the complaints leveled ...
Adam Back, a cryptographer who was cited in Bitcoin's White Paper, laid out fundamental problems with a proof-of-stake system in a tweet on Monday, August 24.
Back wrote that even if a proof-of-stake network were implemented it would be undesirable and replicate the worst aspects of fiat political money state.
One of the complaints leveled against a proof-of-stake system is that without an excellent coin distribution system coins only go to those who already have lots of coins. It is also more difficult to determine if a proof-of-stake network is decentralized since individual miners can pretend to be many.
The tweet from Back comes as the Ethereum community has struggled with exorbitant gas prices as the network struggles to support growing demand. The highly anticipated Ethereum 2.0 upgrade will mark the switch to a proof-of-stake system and is meant to address scalability issues.
By Emily Mason
Tags: Adam Back,Ethereum,Ethereum 2.0,Gas Price
Link: Prominent Cryptographer Adam Back Tweets Out Against Proof-Of-Stake Networks [Copy]
