Vitalik Buterin responded to those developers of the Bitcoin community, who are criticizing the Proof-of-stake Consensus.
Ethereum is the second biggest Proof-of-work model-based crypto project. Due to the Smart Contract System, the Ethereum project enjoys a better adoption rate as a first mover in the whole Crypto industry. The Proof-of-Work Consensus is a very old Consensus and now the developer team of Ethereum is working hard to shift the Ethereum network from Proof-of-work to Proof-of-stake, to compete against other crypto projects.
Jimmy Song, a bitcoin developer, recently claimed that the Proof-of-stake model is not better in terms of a decentralized model, on behalf of the Byzantine General’s problem.
In response to this fact, Vitalik Buterin, co-founder of Ethereum blockchain, took to Twitter and criticized Jimmy.
Vitalik said that the point of view of Jimmy toward the Pos mechanism is not right because he is looking technically on behalf of the Byzantine General.
Vitalik responded on this matter because Proof-of-stake will be the future of the Ethereum blockchain and here it will be much necessary for the crypto community to remain confident with the nature & potential of POS Consensus, otherwise, it may leadl degradation of interest in the Ethereum blockchain ecosystem.
Proof-of-work vs Proof-of-stake
The Proof-of-Work Consensus was the first-ever model, which was introduced with the Bitcoin blockchain Network but later Proof-of-stake was introduced by modern developers. Proof-of-stake is a highly efficient Consensus.
In early 2022, some crypto proponents & climate change activists group proposed to change the code of Bitcoin but later majority of the people criticized the proposal and claimed that Bitcoin will become a shitcoin with the change of code.