Author: Karl 2021-05-08 14:33:31
Published on: 2021-05-08T14:33:31+00:00
The reduction of block reward in Bitcoin can potentially improve its public reputation by minimizing energy consumption. However, a consensus-based system is required to make this change political and effective. The implementation of Proof of Stake (PoS) is also an option, but it faces disagreements and challenges in expressing relevant information concisely. An experienced facilitator could be hired to engage all dialogues productively and ensure all concerns are included. Eric Voskuil commented on the fallacy of PoS in the bitcoin-dev forum, stating that it assumes certain limitations without demonstrating them. In the Other Means Principle, it claims that censorship resistance depends on people paying miners to overpower the censor and that overcoming censorship is not possible in a PoS system. However, this assumption lacks demonstration and relies on other assumptions that readers may disagree with. In a PoS system, a censor would have to form false chain histories to attain majority stake, while in a PoW system, they would need to outcompete the work. The article suggests incentivizing out-of-band channels, such as mining blocks based on finding and uniting illegitimate forks, to defeat censorship and improve the functionality of the chain. Overall, while implementing changes in the Bitcoin system presents challenges, it is not impossible, and the logic behind the articles criticizing PoS is questionable.
Updated on: 2023-06-14T21:09:26.631096+00:00