When Ethereum switches to POS..

[spartacusrex]

LOL - a lot of Ethereum threads..

Anyway - just wanted to chat about what will happen when Ethereum switches to POS.

For the purpose of this discussion, I am assuming Vitalik's POS 'algo' works. Let's not debate that.

So - When Ethereum runs on POS and not POW what does this mean ?

Bitcoin is secured by a POW network. This means I CAN'T set up another bitcoin network, that has the same security. You need the Giga-Peta hash flops to achieve that. Which obviously my upstart network won't have.

When Ethereum is secured by POS, I CAN set up another network, that WILL be just as secure as the original Ethereum network, as long as the stake holders of my Ether network are as trustworthy / decentralised as the stake holders of the original.

This is actually - really great news. It may not be great for the price of Ether, in fact definitely so IMHO, but it is great for those of us that wish to use a secure 'smart contract network'. There will be many to choose from, all as secure as each other.

Some may think - Oh, I'll only use the original Network! But when you can have exactly the same functionality AND security for less, why would you ?

New networks won't have the users, but once 'Atomic Cross Chain Transfers' works seamlessly and fast (quite simple in Ethereum..) from one network to another, jumping from 1 network to another will be child's play. And let's not get started on Atomic Cross Chain Contracts!

Then - It's game on.

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[balu2]

When Ethereum is secured by POS, I CAN set up another network, that WILL be just as secure as the original Ethereum network, as long as the stake holders of my Ether network are as trustworthy / decentralised as the stake holders of the original.

The ETH holders aren't decentralised at all. Especially not when the presale was heavily selfbought which nobody can prove it wasn't. So having a clone that is actually much fairer and wider distributed is really easy to achieve.

[cryptohunter]

Distribution is KEY to the success of any coin long term especially if POS.

I am still yet to see even a mild attempt at a fair and wide distribution of any POS coin.

[balu2]

Distribution is KEY to the success of any coin long term especially if POS.

I am still yet to see even a mild attempt at a fair and wide distribution of any POS coin.

Clams did that.

[Sark]

which nobody can prove it wasn't.

Welp, can't argue with that logic

[Sark]

So - When Ethereum runs on POS and not POW what does this mean ?

IMO speculation without knowing the details is still a bit pointless. The way it is executed will matter, a lot.

You can already run a private Ethereum network as is - its not very difficult and people are doing it now. If all you want to do is run smart contracts, then you have that functionality. Its just not going to be very secure, and that will still hold true after the PoS switch as well.

[rocketron]

I think I read before that they plan to move to POS at Serenity release..