Vitalik Buterin, Ethereum’s co-founder, reacted to claims made by PoW advocates recently. They stated that Ethereum is PoS crypto because users can change the protocol.
Bitcoiners Argue That Ethereum Is A Security
On Twitter, Bitcoiner Nick Payton noted that voting determines changes to the Ethereum protocol. However, Buterin said this is false for both proof-of-work and proof-of-stake blockchains.
Furthermore, he attacked Payton’s use of the word “security” rather than “secure” when referring to the process. Sarcastically, Payton asked Buterin about the ongoing Merge and the frequency of changes.
Another crypto supporter that has weighed in on the Ethereum debate is Michael Saylor. The MicroStrategy CEO and BTC proponent recently asserted that Ethereum is a security.
Additionally, Saylor’s central argument is that the platform’s impending merger is subject to change. Furthermore, Saylor contends that if a currency’s value or issue pattern changes, it has passed the Howey Test.
As a result, it is subject to regulations under the Securities Exchange Commission. Another argument by Saylor is about Ethereum’s ICO. According to Saylor, an ICO puts the idea of decentralization in doubt.
Buterin acknowledged this in a 2014 blog post announcing the launch of Ethereum’s ICO. He said Ethereum might use a different consensus mechanism in the future.
Besides Payton, other individuals have attacked the proof-of-stake consensus mechanism. Jimmy Song, the author of four BTC books had also weighed in on the debate.
Ethereum Improvement Protocols Now Handles Changes To Ethereum’s Protocol
Meanwhile, forks are significant modifications to the blockchain software that alter the protocol’s regulations. The latest significant alteration to the Ethereum protocol happened lately.
This was when The DAO, a decentralized platform, lost over $3.6 million in its native currency, Ethereum. The ETH community made it possible for victims to get their money back.
The community voted to allow the transfer of assets from the DAO’s smart contract to another contract. Those who voted against the fork founded the Ethereum Classic.
Since then, the community has opted to refrain from voting. This was due to fear of jeopardizing the protocol’s decentralization system.
This led to the Ethereum Improvement Proposals. These standards outline new features or procedures and govern changes to the Ethereum protocol.
In addition, they are subject to a set of rules. They are often written by developers who gather and record divergent viewpoints.
Typically, they drop proposals if there are enough opposing viewpoints. Also, they drop proposals with no apparent value to the larger community.