Dissident voices continue to rise within the Ethereum community against ETH Proof of Stake, successor to PoW. Several members of the community have privately regretted the network's transition to Proof of Stake. When questioned, Vitalik Buterin, co-founder of ETH, reacts and tries to defend his PoS. In his defense, he made revelations about PoW, the consensus used by the parent cryptocurrency, Bitcoin.
Crypto community still divided over Ethereum PoS
It was Amanda Cassatt, founder and CEO of Serotonin, a web3 marketing studio, who echoed this thought of those nostalgic for Proof of Work. His post revealed that “many members of the Ethereum community are privately expressing their desire to stay on PoW instead of moving to PoS.”
It is on the social network platform the American entrepreneur shared the comment this Friday, April 26, 2024. If she specifies that these opinions were not her own, she nevertheless assures that they reflected conversations she would have had with members of the network.
This is not the first time that the Ethereum network's PoW has come under open criticism. The changes caused by the Merge of September 2022, which marked the network's transition to the PoS mechanism, never seem to have been unanimous.
Several PoW supporters had denounced changes in the fundamental ethics of ETH. Others have gone so far as to maintain a PoW version of the Ethereum blockchain, a project whose associated crypto, ETHW, is currently trading around $4.
ETH crypto boss defends PoS and deals blow to Bitcoin PoW
Although Amanda Cassatt clarified that her post did not reflect her personal opinion, Vitalik Buterin did not let the sun set on the post. He built his defense on the weaknesses and drawbacks of the PoW algorithm which, according to him, are incompatible with Ethereum's long-term vision.
The co-founder CEO of Ethereum said that PoW is “very centralized”, very energy-intensive and adds that many people know this. Vitalik notes that it “just wasn’t talked about as much,” because everyone knows that PoW is “just a temporary step towards PoS.”
For the moment, the bitcoin community is not complaining about the PoW of the Bitcoin blockchain which has the merit of keeping the SEC away and guaranteeing security. All eyes are instead on the recent threat of $500 million liquidations on Ethereum.
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