Bitcoin developer Jimmy Song has criticized Ethereum’s move to a PoS consensus. According to him, Proof of Stake does not offer a decentralized consensus. However, Ethereum founder Vitalik Buterin continues to defend the Proof-of-Stake mechanism.
In a tweet on July 3, Butrerin criticized Song, noting that his attack on the Proof Of Stake consensus was “stupid.” He wrote:
“Pro Tip: If there’s a long tradition of people debating A versus B based on deep arguments that involve math, economics, and moral philosophy, and you come by saying “B is stupid because of a technicality of one line of definitions, you’re probably wrong,’ Buterin said.
The Ethereum network is going to be a lot more environmentally friendly
Ethereum is in the process of migrating its network from a Proof of Work to a Proof of Stake consensus. This transition should bring some significant benefits to Ethereum. For example, the upgrade will make the network faster, cheaper and more environmentally friendly. Many believe that Ethereum is moving to PoS at the right time. There is increasing criticism about the enormous energy consumption of cryptocurrencies that use the Proof-of-Work consensus.
At the time of writing, the price of 1 Ether token is around $1,100. That is about 3.8 percent higher than a day ago. Despite today’s price hike, the Ethereum price is still 77 percent lower than its all-time high reached last year.