The advantages and disadvantages of proof of work (POW) and proof of interest (POS) are often discussed by the cryptographic community. Recently, vitalik buterin, co-founder of Ethereum, talked about the advantages of POS over POW in a podcast, claiming that POS is much more efficient than pow.
Buterin points out that at present, the general approach is to start with a new POs chain to see if it can work independently. Once this works, developers plan to do a fusion so that the account balance of everything from contract code and contract storage can be transferred to the POS chain at one time. Vitalk further said that the pow chain would eventually die out.
Buterin also pointed out in several interviews that POS implementations are difficult to attack because the cost of attacking it is higher than attacking any POW chain. In addition, the POS implementation will use alternative verification and validation methods to remove the mining process from Ethereum.
Considering that there are not too many calculations in POS, POS is also more environmentally friendly than pow. In POS, however, there is always a problem: the original token holders have no incentive to issue their tokens to third parties. In addition, there are some common vulnerabilities in both systems, such as being vulnerable to DOS attacks and Sybil attacks. But the fact is, in both cases, POW is more vulnerable and POS has an advantage in this.
The concept of “centralization” is another major concern between POS and pow. In the interview, buterin was asked the same question. He replied that POS is not centralized and POW is much more centralized than POS. He said:
“There are several reasons. One is that you can participate in POS no matter how much money you have; if you want to participate in a POW, you need to invest millions of dollars. Compared with pow, the probability of POS being attacked by 51% is much lower. “
Responsible editor in; ZL