RE: Beyond Ethereum (Part 1: Intro to Blockchain)

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Beyond Ethereum (Part 1: Intro to Blockchain)

in blockchain •  7 years ago 

Nice article! Regarding Ethereum change to POS there are 2 things I don't understand and am concerned about:

  1. Why would miners (who actually sustain the network) support a change that will dramatically reduce or eliminate their mining reward? For a hard fork to succeed full nodes need to adopt the new ethereum software and many or most nodes are run by miners.
  2. POS seems to just put the power in the hands of those with the most money rather than actually requiring effort and technical skill like GPU mining. It is more centralising and open to attack especially by nation states that can just create fiat money out of nothing, buy ETH, stake it and take over the network.
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