After the proof-of-stake consensus algorithm will be implemented in Ethereum's blockchain, it would become more secure and costly to attack than Bitcoin, co-founder Vitalik Buterin has stated.
He specifically noted that - after the transition to PoS - higher cost of a potential attack would make Ethereum the safer network of the two.
The way the system was designed ensured that attackers would need to spend a great amount of money to successfully compromise the blockchain.
With Ethereum's PoS implementation, users would lock their Ether in smart contracts to be allowed to validate new blocks, instead of investing great amounts of computing power - and electricity - as they do in PoW systems.
The more Ether staked, the higher are the probabilities that they would end up validating a block.
Just like the more hashrate a miner has, the higher the likelihood that he mines a block.
In the PoS system envisioned by Buterin, there's a period of time after a validator creates a new block, during which this block can be challenged and potentially proven to contain illegitimate data.
According to Buterin, a successful attack on the network will need multiple malicious blocks to be validated, which in turn would require an enormous Ether stake that could be slashed if someone were to successfully challenge the transaction.
This makes a potential attack more expensive to carry out and is an improvement over PoW, stated Buterin.
As Cointelegraph reported previously, an Ethereum 2.0 PoS testnet beacon blockchain wet live on May 8.
PoS Will Make Ethereum More Secure Than Bitcoin, Says Vitalik Buterin
gepubliceerd op Oct 12, 2019
by Cointele | gepubliceerd op Coinage
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