|
May 31, 2016, 09:44:25 AM |
|
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.
|