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

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!

*******
Stay in touch!
Twitter: @bchaininsiders
11:FS: @11fsteam

****

[tradingwithwill]

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

[greedykidify]

when Vitalik Buterin said "In Our opinion"

[JetLife]

One coin = one vote

Sounds like the system we live under now.

PoW > PoS

[jenny-DD]

I understand proof of steak
I was at Ponderosa

[asusn]

pow = sathoshis vision

pos = banking cartel vision

[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.

[kplex]

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

[joannot]

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

[sourav]

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

[kha_]

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.

[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?

[mayurbhor]

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

[valiantphilosophy]

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!

[karlmarx]

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 ??

[prakharag]

that interviewer did not understood anything i bet

[tomasvallotton]

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

[francolikestech]

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

[denvyp]

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?

[Deksingburi]

When can i stake Ethereum on Mainnet and earn Ether?