Hacker Newsnew | past | comments | ask | show | jobs | submitlogin

It's not an oxymoron to anyone even remotely acquainted with crypto.


You'll have to back up that assertion, I'm afraid. Bruce Schneier refers to it as "enormous environmental waste" in https://www.schneier.com/blog/archives/2019/02/blockchain_an... .


Proof of stake has been a thing since 2013 ...


But it hasn’t really been adopted in a very successful manner, has it?


Ethereum 2.0 just launched less than a week ago.


At the moment Ethereum "2.0" is a scheme to manipulate the market price of ethereum by printing a whole bunch of additional ethereum out of thin air and awarding it to people who lock up their funds completely out of circulation for an unspecified time (considering that this "launch" is now years after the the original claims, the claimed >1 year should not be read as strong evidence of only one year).

Because the new system is completely unusable there was absolutely no legitimate purpose to start this lockup at this time as a public system rather than just some fake-money test network.

Once (if?) it becomes usable it will have the additional ultimate property of further enriching the beneficiaries of Ethereum's 72 million coin pre-mine, since those super large positions are effectively illiquid (can't sell more than a small share without crashing the price), its low risk for those parties to place large amounts in lockup.

The concept of "proof of stake" has fundamental soundness problems which have not been addressed except by obscuring it with deceptive obfuscation and protecting it against peer review through sheer complexity. https://download.wpsoftware.net/bitcoin/pos.pdf


It's still vapourware at the moment, you can't even transfer money on it yet and you won't be able to for at least another year.


Adopted in a very successful manner? What does that mean? What a ridiculous standard. Technology exists, if you don't use it its not the fault of the tech.

Its not hard to understand: "if X has green and non-green options, and you choose non-green, that doesn't mean you can claim X is non-green."


Any day now the Semantic Web is gonna solve all our problems for us...


Lack of widespread adoption provides circumstantial evidence that a technology might not be ready or practical yet.


Does this "efforce" use proof of stake? Yes or no.


The idea has been around a long time, but making it work is really hard.



Are there any non-Proof-of-Work blockchains in real use? (don't say ETH)


Algorand is the only functioning proof-of-stake blockchain that I'm aware of at the moment, and it seems like it hasn't really seen much success.


Solana. It powers Audius which has ~300,000 monthly users.


Solana is centralized - it recently completely froze because a single server was giving faulty data. This weakness has been known about for a long time, e.g. https://twitter.com/el33th4xor/status/1313425180635660288


The issue was an implementation bug afaict and from official responses.

Solana is clearly BFT, unlike what Emin claims.

To be fair, I don't expect Solana to be as centralised as other chains only for the reason that you need a gaming rig to run a consensus node. Solana is not centralised for the reasons you mention.


Any PoS crypto? There are thousands.


A central blockchain has not a lot more energy use than a regular database. It's the distributed trustless proof of work kinda blockchain that mindlessly burns up energy.


A central blockchain is an oxymoron: a pointless waste of time. A distributed, trustless, permissionless data structure on the other hand is a useful thing to have for a small number of use-cases.


A small number of use cases, were pretty sure. So far the number of realized, actual extant use cases is between 0 and 1 depending on who you ask.


Personally I'm aware of three that I'd count as good use-cases. Only one of those is a cryptocurrency.


I'm aware of 0 including cryptocurrency but I'm sure you already knew that haha.




Guidelines | FAQ | Lists | API | Security | Legal | Apply to YC | Contact

Search: