Last Tuesday, Swan Bitcoin managing editor Nick Payton criticized the Proof-of-Stake (PoS) consensus protocol that Ethereum is currently exploring. Payton, a bitcoin maximalist, says the cryptocurrencies are supported by blockchain PoS is like security.
PoS is a consensus mechanism that only legal and legitimate transactions can be added to the blockchain. This mechanism requires validators to lock or ‘stake’ their crypto to secure the network.
“Dear Proof of Stakers. The fact that you can vote to change a property (on a PoS platform) proves that it is a security. Love, Bitcoin,” said Payton
Dear Proof of Stakers,
The fact that you can vote on something to change its properties is proof that it’s a security.
Love, Bitcoin
— Nick (@NickDPayton) July 11, 2022
The statement was considered sensitive because, over the years, Securities and Exchange The US Commission (SEC) is also wondering if Ethereum deserves to be called a security.
Before long, Ethereum founder Vitalik Buterin answered Payton’s criticism by explaining PoS and Proof-of-Work (PoW).
“It’s amazing how PoW supporters keep telling lies that PoS includes voting in the protocol. Nodes will still reject invalid blocks in PoS or PoW. That’s not a difficult thing,” he said
It’s amazing how some PoW proponents just keep repeating the unmitigated bare-faced lie that PoS includes voting on protocol parameters (it doesn’t, just like PoW doesn’t) and this so often just goes unchallenged.
Nodes reject invalid blocks, in PoS and in PoW. It’s not hard. https://t.co/vLEWWsWIsG
— vitalik.eth (@VitalikButerin) July 12, 2022
Furthermore, Buterin criticized Payton’s Grammer as a managing editor in the mass media. According to him, Payton may have written the word ‘Secure’ wrong to ‘Security.’
“I know this suffix is difficult, so I forgive the mistake,” Buterin said.
