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HomeCryptoFaced with Bitcoiners, Vitalik Buterin responds to the nature of Ethereum

Faced with Bitcoiners, Vitalik Buterin responds to the nature of Ethereum

The maxis attack the proof of stake – Since its creation in 2015, the protocol Ethereum aims to change the mode of consensus. Thus, it must move from proof of work to proof of stake. This transition will occur through a mechanism called Fusion » (The Merge). However, criticism is rife regarding this shift in consensus.

Bitcoiners view Ethereum as real estate (securities)

As we know, some of the maximalists Bitcoinare very attached to their vision of cryptocurrencies. The latter are all the more attached to the consensus mechanism in proof of work. Indeed, it is considered more secure, in particular. Thus, it depends on a resource external to the blockchain, here electricity, to ensure the security of the network.

For the past few days, the debate concerning whether or not Ethereum is part of the asset class of real estate securities (securities), is back. This was initiated by the CEO of MicroStrategy, who recently declared that Ethereum was obviously a real estate value ». A subject which was then taken up by Nick Payton, via a scathing publication on Twitter.

“Dear Proof of Stackers. The fact that you can vote on something to change its properties is proof that it has real estate value. Love, bitcoin. »

Nick Payton says Ethereum is a securities. – Source: Twitter

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Vitalik against the Bitcoin maxi

Of course, Ethereum co-founder Vitalik Buterin couldn’t help but bounce to the pike sent by Payton.

Thus, Buterin replied to Payton, that like Bitcoin’s proof of work, proof of stake does not involve voting to set protocol parameters. Adding that in both cases, nodes reject invalid blocks ».

“It’s amazing how some PoW proponents keep repeating the outright lie that PoS includes votes to set protocol parameters (it doesn’t, just like PoW) and that it’s not not contested. »

He took the opportunity to add a little grammatical pun to put Payton back in place.

“Also, a small grammatical nuance: in English, when we talk about things like proof of stake, we don’t say “it’s a security”, we say “it’s secure”. I know these suffixes are tricky though, so I forgive the mistake. »

A joke that apparently didn’t make Payton laugh so much. So, he decided to respond by pressing where it hurts. In a new tweet, he asks Vitalik when he was going to stop changing the protocol. He also takes the opportunity to take news of the deployment of The Merge.

The Merge deployed during the year

A spade to which the Ethereum community is already well accustomed. Indeed, the Ethereum network should have gone into proof of stake several years ago. However, Vitalik Buterin himself recently said that he underestimated the technical difficulties of such a change.

Anyway, the proof of stake should arrive in the coming months with the deployment on the mainnet of the merger (The Merge). In practice, this will make it possible to link the consensus layer in proof of stake with the executive layer of Ethereum.

Representation of The Merge.
Representation of The Merge.

Last week another big milestone was reached with the deployment of The Merge on the Sepolia testnet. All that remains now is to deploy the fusion on the Goerli testnet before finally considering its deployment on the mainnet.

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