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August 05, 2017, 10:20:01 PM |
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The short answer is that it cannot.
This is a fundamental flaw in the design (shape) of the Ethereum blockchain. Only POS is 100% secure when market shorting is applied. You need to have 100% POS mining to be unexploitable.
V invented or perfected implementation of POC I was wrong about that. I see now that his version is unexploitable however the ratios of desired resources to proofs is not very good. There's some room for improvement with a blockchain based lotto to decide what proof is verified but it requires lots of entropy. I think a block tree is a much better form for functionally developing this concept.
The block tree would have a main chain and then several secondary chains below it. People will complain that Ethereum could easily do this but its wrong. All the chains' functionalities must be designed in advance so that the chains can be secured, once again in case shorting action ever grows. You can't do as Mastercoin and Bitcoin did because someone could short both Mastercoin and Bitcoin then crash both for the price of miners or in the case of POS for the price of shares in just the main chain.
You can't block yourself and then pivot. Ethereum development appears to have blocked themselves from best mode. I would say the same for Bitcoin who appear unable to pivot to POS although they have the user base available. I have previously been critical of POS because it was all initial investment holding shares and share distribution always suffered but I don't believe this hybrid system works because miners can still hard fork from the stakers unless they have a new solution implemented. I don't believe they do.
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