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Others are taking this opportunity to make snarky remarks on Twitter, which prompted a response from Vitalik Buterin, a co-founder of Ethereum.
Some people believe that Ethereum‘s upcoming shift to proof-of-stake (PoS) may push the platform to eventually surpass Bitcoin (BTC). Other people are taking this opportunity to make snarky remarks on Twitter.
Nick Payton, a Bitcoin user, criticized Proof of Stakers in a tweet and said that the ability to vote on whether or not to modify the attributes of PoS platforms is evidence that PoS assets are securities.
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Buterin provided a response to the piece, in which he labelled Payton’s assertions as an unadulterated and blatant falsehood. Buterin claims that Proof-of-Stake (PoS) does not incorporate voting on the parameters of the protocol, just as Proof-of-Work (PoW) does not.
Buterin also noted that nodes in proof-of-work and proof-of-stake systems will reject incorrect blocks.
Doubts Arise On PoS
The previous week, author Jimmy Song similarly attacked Proof of Stake, calling into doubt the decentralized nature of the consensus method. Song maintains that the process does not address the issue concerning the generals of the Byzantine Empire.
Buterin responded to Song’s assertions in a tweet by saying that Charles Hoskinson, another creator of Ethereum and a supporter of the PoS consensus algorithm, weighed in as well, stating that the amount of stupidity displayed in Song’s tweet is beyond description.
Experts Optimistic on Merge
During this time, a researcher in decentralized finance named Vivek Raman shared his optimistic perspective on the upcoming Merge.
Raman stated in a post on Twitter that the switch to PoS provides Ethereum with the economic framework necessary to compete with Bitcoin’s preeminence in the cryptocurrency sector.
At the beginning of the month of July, Ethereum successfully concluded a large experiment for the Merge on the Sepolia Testnet.
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This brought the platform one step closer to making the transition to the PoS consensus mechanism. Even though there have been a few problems, the developers have stated that they would not postpone the Merge.
Read More:
- How to Buy Ethereum at Low Fee
- Everything You Need to Know More About The Merge
- How to Participate in IBAT Token Pre-Sales
- How to Earn Passive Income via Crypto Staking
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