The co-founder of Ethereum does not intend to keep silent among the numerous voices spreading FUD (fake news) in the market. The Russian-Canadian programmer responded to the attack from critics trying to portray Proof of Stake (PoS) in a negative light. He referred, inter alia, to to the statement that Ether (ETH) will become a security after a consensus change, issued by Swan Bitcoin editor Nick Payton.
Co-founder of Ethereum silences critics of PoS
The Russian-Canadian programmer behind the second-largest virtual currency, known in the cryptocurrency community, does not intend to stand on his hands when FUD related to the project he manages is produced on the network. Vitalik Buterin decided to address the critics’ allegations of tweeting about how flawed PoS is on Twitter. Swan Bitcoin editor Nick Payton went first. Last Thursday, he convinced his observers that any virtual currency that uses validators to verify transactions is a security. In his opinion, the fact that users can vote on something that will change the properties of a given project is evidence of this.
It’s amazing how some PoW proponents just keep repeating the unmitigated bare-faced lie that PoS includes voting on protocol parameters (it doesn’t, just like PoW doesn’t) and this so often just goes unchallenged. Nodes reject invalid blocks, in PoS and in PoW. It’s not hard. https://t.co/vLEWWsWIsG – vitalik.eth (@VitalikButerin) July 12, 2022
The above suggestion struck Ether enthusiasts. The topic is particularly sensitive as the US Securities and Exchange Commission (SEC) is closely scrutinizing the sector and has left it open to the public.
According to the co-founder of Ethereum, such claims are pure lies. He also noted that they are duplicated by the Proof of Work (PoW) supporter on which Bitcoin (BTC) is based and who intends to abandon ETH. The Russian-born programmer emphasized that PoS does not include voting on protocol parameters, as neither does PoW. Moreover, in both of these cases, invalid blocks are rejected by the nodes.
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At the beginning of July this year. Vitalik Buterin also responded to the claim made by bitcoin maximalist Jimmy Song that PoS did not provide decentralized consensus because in his opinion it did not solve the problem of “Byzantine generals.” “If there is a long-standing tradition where people discuss A versus B based on profound arguments about mathematics, economics, and moral philosophy, and you say that” B is stupid because of the uniform technical details of definition, “you are probably in error “- emphasized the co-creator of Ethereum at the time.
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