Proof of Work vs Proof of Stake: Why Vitalik Buterin's Support for Proof of Stake is Misguided

The crypto space is divided into two schools of thought regarding the best mechanism for decentralization: proof of work and proof of stake. While most crypto enthusiasts believe that proof of work is the way to go, Vitalik Buterin, the founder of Ethereum, has expressed his support for proof of stake. In this article, we will explore why proof of work is the only way to ensure true decentralization and why proof of stake is not a viable option. We will also introduce ETNT, a new project that aims to maintain the centralization of crypto through a four-chain system that retains the proof of work consensus mechanism.

The Proof of Work Mechanism: Three Pillars of Decentralization

The proof of work mechanism consists of three pillars: developers, miners, and users. Developers create systems to record and store blockchain data in a way that prevents changes or hacks, while miners validate transactions and ensure that they are legitimate and added correctly to the blockchain. The power to review and fix any issues belongs to the users. This structure ensures that no single entity has too much power, making the system truly decentralized.

The Problems with Proof of Stake: Threats to Decentralization

On the other hand, proof of stake is a threat to decentralization. In this mechanism, validators with large holdings can have excessive influence on transaction verification. If validators control 51% of the network, they can rewrite parts of the blockchain as they wish. This concentration of power undermines the very concept of decentralization and promotes totalitarianism.

Maintaining Decentralization with ETNT

To maintain decentralization in crypto, ETNT was launched as a four-chain system that retains the proof of work consensus mechanism. This platform allows for low application costs and facilitates existing video card machines to continue mining and maintenance. The ETNT R&D team comes from renowned universities such as Harvard, Yale, Imperial College, and MIT, with professors specializing in mathematics and cryptography.

Conclusion: Embracing Proof of Work for True Decentralization

In conclusion, the proof of work mechanism is the only way to ensure true decentralization in the crypto space. While Vitalik Buterin supports proof of stake, it is misguided and undermines the very concept of decentralization. ETNT offers a promising solution that maintains the centralization of crypto while ensuring low operation and maintenance costs