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The security specialist – while describing the strengths and weaknesses of Proof-at-stake (a consensus mechanism) – in comparison with proof-of-work, stated that even though the PoS is theoretically vulnerable. It provides practical security. Although Ethereum Merge has been promoted as a prominent upgrade to the overall network of the blockchain, this decision to shift from PoW to PoS will make its security system more susceptible to any scam or hack.
Security Expert Says Ethereum PoS Will Be More Prone to Exploits than PoW
The security researcher – while reporting in an interview – stated that after comparing the security systems of both consensus mechanisms PoS and PoW, it can safely be said say that the PoS-based system communicates earlier to the node validators, about the blocks assigned to them for validation. This can give chance to any bad actor for planning a hack accordingly.
A security researcher for blockchain – operating on PoS layer-2-based blockchain – anonymously elaborated on the idiosyncrasies of proof-of-stake and mentioned that any hacker can only implement his plan of attack on the post-Merge Ethereum blockchain if the validator is simultaneously validating 2 blocks.
The process of hack would be like that validator by lining up the blocks to be validated can conduct the exploit on both the blocks, this cannot even be protected by the security robots because it cannot recognize any manipulation that happened in price in the meantime. The miners can avoid these exploits by using the Proof-of-Work mechanism because it never lets the exploit happen as no time is given to the miners to formulate their malicious plans.
PoS Still Provide Economic and Energy-Based Benefits to the Consumers
The researcher disclosed that a consequence of the upcoming Merge will be that the network will have to compromise on the aspect of security. The debate on the comparison of Ethereum while using PoS and PoW will always be concluded on the point that proof of work is cable of providing better security as well as an economic system than proof of stake.
Although, if we judge PoS on practical grounds it’s evident that it can facilitate the users with satisfactory practical security so this theoretical-based shortcoming can be ignored easily, he added. The expert says that two consecutive blocks’ validation in the PoS mechanism is difficult as PoS is devoted to improving the economic benefits.
Consensus rules offer financial incentives to the validators for the honest conduction of transactions. The shift of Ethereum from PoW to PoS is going to happen to save energy and avoid global warming. The Merge is to take place between 15th and 20th September this year.
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