Vitalik Buterin: Proof of Stake vs Proof of Work (Blockchain Insider)

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For the Blockchain Insider podcast, Simon Taylor and Colin Platt sat down with Vitalik Buterin to talk through Ethereum, the plans for the blockchain, and his 2019 predictions for the space!
Vitalik explains the difference between Proof of Stake and Proof of Work ahead of the Casper launch. What makes Proof of Stake superior for Ethereum?
Stay tuned for the full interview with Vitalik, out Thursday 13th of December!
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[@tradingwithwill7214]

One coin one vote is great when you gave yourself a ton in the premine :)

[@9NGAZ9]

RAVENCOIN will destroy ETH

[@fantupomarsupialis5125]

@@9NGAZ9 what about ETC?

[@lennykump8396]

Or when you're a corrupt fool who likes governments taking over.

[@BitFloh]

Exactly, proof of stake is unfair from the beginning.

[@LeftThumbBreak]

proof of stake, should be renamed proof of money. proof of work tends to encourage IT people to participate, proof of stake encourages finance people. I tend to believe IT people are more aligned with blockchain ideals than bankers. I also tend to think the non-voting, longest block wins consensus mechanism is better than basically letting the people with the most coin have the most votes. I don't hate POS but I'm very suspicious and Solana's ddos "attack" didn't help.

[@BitFloh]

Proof of stake is a very bad consensus algorithm because someone has to create the coins to stake. That process can not be fair. Proof of stake fails from the beginning.

[@kplex3729]

It little bit annoys me that the interviewers cannot listen to the genius and give full attention to him but rather keep looking at camera xD

[@vellam8766]

maybe something is blinking

[@tomasvallotton9264]

How does it prevent double spending? I think he simplified it a bit too much.

[@akathetruthteller]

proof of steak

[@ozzyfromspace]

I'm hungry for more

[@sourav3958]

Proof of stake somewhat sounds similar to stock market where big bulls have the monopoly over the whole market.

[@Cssaarr]

QUESTION (someone please answer): in PROOF OF WORK your computer has to actually solve maths to get to a result that certifies that by adding a specific number (and only that number) to the data of a specific block of transactions, you get a number that starts with a given number of ceros. This guarantees that the block you are validating has a very specific set of data and any other. In PROOF OF STAKE, how do I know if the block of transactions I am voting to approve is correct or fraudulent?

[@kristiantenorio]

Yeah, that's why I still don't trust POS.

[@greedykidify]

when Vitalik Buterin said "In Our opinion"

[@Deksingburi]

When can i stake Ethereum on Mainnet and earn Ether?

[@InnocentAlaska]

Soon

[@Deksingburi]

@@InnocentAlaska Oh thanks, I've asked this question for almost 3 years 😂🤣

[@mayurbhor2231]

Have my Blockchain exam tomorrow , what better way to learn Ethereum than from the creator himself

[@Aomicplane]

Blockchain exam?

[@Bitcoinonly21]

From the people that have a more neutral point of view

[@Abhi-lm5li]

Exam 😂😂

[@melessa18]

bakchod exam

[@kha_2428]

Proof of Work consensus is truly trustless. For competing chains, the one with the most work embedded in it is considered true. Work done is intrinsic to physics and POW consensus is achieved with a trust in physics rather than people. Proof of stake consensus network fundamentally requires you to trust people. Therefore, for a monetary network that serves as the base layer of wealth and hard money, proof of work is better suited. For application layer blockchains, you sacrifice this for speed. Ethereum, Cardano, Solana etc does not replace Bitcoins role as a base layer monetary network. Bitcoin is hard money.

[@johndavila4196]

How is the longest chain not true it’s true in math an physics . It’s a ledger of records it’s real . I rather believe in pow that pos that can be exploited by big bag holders. You rather trust staking than actually work thats being done lol

[@kha_2428]

@@johndavila4196 HELLO.... READ MY COMMENT PROPERLY. I believe in POW not POS.

[@kha_2428]

@@johndavila4196 I said the longest chain IS considered true. please read properly

[@kha_2428]

@@johndavila4196 The one that has the most work embedded in is is the longest chain and that is considered true. For hard money... POW is best

[@economiclessons5356]

well said.

[@joannot6706]

It's steak but no animal slaughtered so it's vegan steak.

[@JetLife413]

One coin = one vote Sounds like the system we live under now. PoW > PoS

[@johndavila4196]

Unless you got tokens you going to spends thousands to vote probably not

[@nofeah89]

Eth is same as the dollar?

[@denvyp3656]

My question: Is it possible to do both successfully? Ethereum would be the number 1 cryptocurrency if you had nodes that you could mine and also stake. Mining keeps skin in the game, and staking imo just makes the rich richer. For example, $10,000 can buy me a setup for mining making a little over $1000 a month in bitcoin mining but staking cardano at the same price earns roughly 5% APY give-or-take. You do the math. I think the both have the pros and cons. I just want someone to tell me is it possible?

[@stacknsat]

Simantenously?

[@Nierez]

Buy millions in mining equipment, stake a million tokens. I think the only winner is the environment.

[@karlmarx9309]

Proof of stake is not going to be trusted as not decentralized like major treasury agencies for federal bonds market. The fundamental theory of decentralized currency should be trusted by "NO AGENCY" at all over the system. You got it ??

[@spx0]

Dear Karl, You can not get anonymous and “decentralized” systems, so , any proof of .... Will generate centralized entities Those monopolies that you hated so much 😂 very capitalistic 😂 😂

[@karlmarx9309]

Sir or Mam. There is. I am one of anarchists not communists. Please take a look at the Demacracy at work by Richard wollf. He is my favorite activist. Thanks for the reply.

[@jenny-DD]

I understand proof of steak I was at Ponderosa

[@Bracdau]

Time to buy all the steaks

[@alwaysnew7181]

nice vitalik you right

[@asus1201n]

pow = sathoshis vision pos = banking cartel vision

[@preenan5123]

Had same thought. Is it really what you are thinking it is?

[@klemenkovacic9109]

satoshi for life.

[@gabbar51ngh]

Proof of work wastes electricity.

[@alekseiwave4894]

@@gabbar51ngh banks and automatic cashiers too

[@ohkee]

Explain why?

[@valiantphilosophy841]

Bye bye little miners...hello Rich and Wealthy!! In they come to "control the universe " as usual...I love the shiny "clean earth " sticker on the front of the package tho!!😁 I'll take 2!

[@danielionanov5620]

Proof of work is the same thing though...the best computers get the most money so I don't know why you complain

[@FirstGenCrypto]

@@danielionanov5620 Nope. The more processing power, the smaller the hashrate/rewards

[@danielionanov5620]

@@FirstGenCrypto ??

[@btc1668]

@@danielionanov5620 No the same thing. Hashpower is practically unlimited, even the biggest mining pool constantly faces the threat being overtaken.

[@prakharag132]

that interviewer did not understood anything i bet

[@young-ceo]

"Subscribed"

[@knightx09]

Securities

[@mathiasmorgan5792]

securities in what exactly? the Ethereum corporation? haha

[@knightx09]

@@mathiasmorgan5792 👏

[@mathiasmorgan5792]

@@knightx09 🤡

[@knightx09]

@@mathiasmorgan5792 🪞

[@yaroslavabramovich4135]

Виталик, давай по русски уже

[@demisx]

Зачем? Большинство его аудитории англоязычные.

[@powerralley]

Ethereum is the future.

[@demisx]

Not anymore. 🤣

[@powerralley]

@@demisx Ethereum is the future even more so today then 3 years ago when I wrote that comment.

[@francolikestech7137]

Proof of Stake = Who has more wins more… what an improvement over fiat! Centralization!! This sucks!! Buy Bitcoin

[@btc1668]

Yep, once you and your rich friends have the majority stake, you basically control the network. And best part is no one can surpass you because you will receive all the new coins as well. What a garbage.

[@FrenchingAround]

you guys have the same nose

[@francolikestech7137]

Thief

[@flaggerify]

Scammer.