Bitcoin Forum

I have always preferred the consensus protocol of Proof-of-Stake compared to Proof-of-Work because i believe that true decentralization is achieved on PoS. Just recently the Ethereum Network upgraded to PoS consensus mechanism yet i have not heard about the specific collateral coins that would be required by the network to host a node. I would like to know how they intend to use the PoS as its consensus protocol knowing that currently its supply is not capped yet.

I have also been wondering how they plan to run their network with this recent upgrade. But i don't think they are going to run it like how most masternodes are being run because i have not read anywhere the number of coins that would be required if they are to run nodes.

Honestly? They shouldn't switch.

Proof of Stake is a double-edged sword, specially speaking about decentralization.

like 2-3 years ago they said masternodes i thought and 1000 Eth per node as ETH was about 10 bucks.  I would assume maybe 100 ETH now.

I'm waiting for more details on this one. Hopefully things could get clearer in the coming months as 2020 is just around the corner.

How so? Can you expound more on this?

supply will have capped in the future but as far as i know, ethereum will use a hybrid instead of using a full POS system. you can stake while at the same time miners are still making the blockchain being decentralized. Some ethereum core developers have already released their speculation about how much needed to become a stakers.

from what is known today for staking you will need or 32 or 64 eth in your wallet. but the devs themselves can’t say exactly with dates.

The richest 1% of the world owns over 50% of the world's wealth.  There's no reason to believe the distribution would be any different for cryptocurrencies, particularly since owning over 50% of a PoS cryptocurrency would mean non-stop, no-cost 51% attacks.  Allowing the control of a network to become so centralized defeats the entire purpose of blockchain tech and would likely cause it to implode.

Here's an article backing my 1% claim, it's a few years old but if you google the topic you'll find tons of corroboration.  https://www.cnbc.com/2017/11/14/richest-1-percent-now-own-half-the-worlds-wealth.html

The richest 1% of the world population would be about 80 MILLION people.

What's your point? There's a 7.53B people in the world, some % do have an access to the internet, how many % of them do you think owns any eth? He was talking about centralization, not on how big the numbers sound. But they will sound lot smaller when you think about it like that.

The reason ETH hasn't yet switched to Proof of Stake despite having planned to do so for several years is because it doesn't work.

This is where Hybrid PoW+PoS comes in, and might just be the most likely answer. They have been thinking about the switch to ProgPow. Let's see how that goes.

No one really understand how Ethereum developers are going about their POS shift, there have been many suggestion and they have not commit to any for now, Ethereum is not designed to have a cap and I think the emmision rate for the POS would be lower than what we have now but it won't be capped

So say 1% of 80 million own ETH. So these 800,000 people will gang up and launch a 51% attack?

Even 80,000? 8000?

Either I am missing something or you are.

Do you think that ETH will change the algorithm for progow? And maybe before he goes to the pos?

Hope it would but i don't have confidence that all these ETH guys did not get in bed with bitmain.

POS has it's own pros and cons... you could also argue that on POW the intrinsec value of the network is way superior because people had to invest in hardware making the network solid  ... on POS, people just have to sell the coins and leave ... but this is also arguable... these days I think the best is to use both mechanisms POS+POW
I don't see how ETH can maintain itself on a POS only... it would be easily re-centralised ...

It's still speculation and the real amount of eth that you need to stake in the network is still not yet determined. There was a lot of sources said the different things. Some said it needs more than a hundred of ethereum but another whitepaper stated the different requirement too.

Why is that so? Sure, the rich are getting richer because they can stake more coins. But look at Bitcoins PoW at the moment. Big mining companies have so much influence they can force their will onto the community.

eth pos wont happen,vitalik is more focused on his rapping career
https://www.youtube.com/watch?v=ty4rx3z5OQU

True decentralization is not achieved anywhere. At POS, most coins are concentrated at a small part of addresses.
Therefore, the best option is a combination of POW and POS.

Better for Ethereum to switch to 50% PoW and 50% PoS.
Same as what other coins are doing now. That will be more difficult to centralize if the mining is hybrid.