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Crypto Community Prefers BTC PoS Switch Over "Let it Die," according to a poll

CJ - Bitcoin Specialist

  • A crypto influencer ran a poll asking which modification is acceptable if a secure PoW blockchain becomes unfeasible
  • 26 percent of respondents would rather "let it perish"
  • The Ethereum Network's co-founder stated that a mix of PoS and PoW would be preferable

A Twitter crypto influencer named Dan Robinson held a poll asking people to choose a change they would be willing to accept if it became impossible to build a secure proof-of-work (PoW) blockchain without using Bitcoin as a block reward.

"Remove the 21M limit," "Switch to proof-of-stake," "Let it die," and "I'm horrible at hypothetical" were the alternatives presented. At the time of writing, 9,430 people had voted, and the outcome was neck and neck. Surprisingly, the second majority vote following the "convert to proof-of-stake" choice was "let it die."

Co-founder of Ethereum's PoW network, Vitalik Buterin, asserted that a hybrid of PoS and PoW would be ideal. “Why not utilize hybrid proof of stake architectures from the 2013–2015 timeframe, which intertwine PoW and PoS blocks and require something like "work share + stake share >= 1" for an attacker to execute a 51 percent attack? Although it is still politically marketable as PoW, you might not see adequate security benefits.”

Another user commented, "Why would PoS be secure when PoW isn't?" increased cost of hedging?" The two blockchain security techniques were then compared in a whitepaper that Buterin provided. The main point of the article was that PoS provides more security for a same price.

Proof of work and proof of stake are consensus processes for certifying new Bitcoin transactions on a network because blockchains lack a centralized authority.

While PoW requires miners to solve a difficult mathematical problem, PoS requires users to purchase and stake network tokens in order to validate transactions. The more coins a user is prepared to risk, the greater their chances are of successfully verifying a transaction and earning the reward. Since it costs up to 33% of the network's tokens to even halt the network, PoS systems are prohibitively expensive to hack into.

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