While some believe that Ethereum’s upcoming shift to proof-of-stake (PoS) may push the platform to eventually surpass Bitcoin (BTC), others take this opportunity to make snarky remarks on Twitter, triggering a rebuttal from Vitalik Buterin, a co-founder of Ethereum.
In a tweet, Bitcoiner Nick Payton called out “Proof-of-Stakers” and argued that voting to change the properties on PoS platforms proves that the PoS assets are securities.
Dear Proof of Stakers,
The fact that you can vote on something to change its properties is proof that it’s a security.
— Nick (@NickDPayton) July 11, 2022
Buterin responded to the post, describing Payton’s notions as an “unmitigated bare-faced lie.” According to the Ethereum Buterin, PoS does not include voting on protocol parameters just as proof-of-work (PoW) doesn’t. Buterin also explained that in both PoS and PoW, nodes reject invalid blocks.
Last week, Bitcoin book author Jimmy Song also came after PoS, questioning the decentralization of the consensus. According to Song, the mechanism doesn’t solve the Byzantine generals problem. Buterin called out Song’s notions in a tweet:
Pro-tip: if there’s a long-established tradition of people debating A vs B based on deep arguments touching on math, economics and moral philosophy, and you come along saying “B is dumb because of a one-line technicality involving definitions”, you’re probably wrong. https://t.co/22N0OaHyz1
As many critics come after PoS before Ethereum’s Merge, a decentralized finance researcher offered positive thoughts on the upcoming shift. In a thread, Vivek Raman said that the change to PoS gives Ethereum the economic structure to challenge Bitcoin’s supremacy in the crypto space.
Earlier in July, Ethereum completed a major trial for the Merge on the Sepolia testnet. This pushes the platform nearer to the shift to the PoS consensus mechanism. Developers mentioned that while there are some hiccups, these will not delay the Merge.