The debate that “Ethereum is security” has been going on for some time. The transition from proof of work to proof of stake is closer than ever, and the thoughts and thought fragments that surround them have increased significantly over the past two weeks. It’s more traction as some celebrities in the crypto community chime to support Ethereum’s security and founder Vitalik Buterin took him to Twitter to deal with them. Has begun to win.
Buterin’s Counterattack
Vitalik Buterin has responded to those who continue to say that Ethereum is security. This idea stems from the fact that Ethereum is moving to a new proof mechanism, which many claim to make digital assets secure.One of these is Twitter users and Bitcoin supporters, called by their name. Nick Peyton On Twitter. According to Payton, the fact that users of the network were able to vote to change to Proof of Stake made it a security.
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This was clearly nerve-wracking to the founder Buterin, who blamed Peyton.and Quoted tweetsThe founder of Ethereum explained that it is a “bold lie” to believe that the transition of the network to the proof of stake mechanism means that users can vote for protocol parameters. He explained that Proof of Stake is no different from Proof of Work in that respect. “The node rejects invalid blocks on PoS and PoW. It’s not difficult.”
ETH price maintaining above $1,000 | Source: ETHUSD on TradingView.com
another TweetThe founder of Ethereum has also modified some grammatical usages that can be confusing. “When we talk about things like Proof of Stake, we don’t say’it’s safe’, we say’it’s safe’,” Buterin said. “But I know these suffixes are difficult, so I forgive the error,” he concludes.
But is Ethereum security?
In most cases, the debate over whether Ethereum is security is taking place in a circle crowded with Bitcoin maximists. However, their support for Bitcoin does not mean that their stance that Ethereum is security has not been taken seriously and has gained support from crypto investors.
In addition to the transition to Proof of Stake, which is believed to give users the right to vote for protocol parameters after the merger, there is also the fact that Ethereum had an ICO when it was first launched. It wasn’t very popular at the time, but in 2014 many people first entered the digital ICO. For this reason, many believe that Ethereum qualifies for what is called security.
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Another prominent figure in the field who chimed was Michael Saylor, CEO of MicroStrategy. According to Sailor, Ethereum can be classified as security for several reasons. “Published via ICO [initial coin launch]”The CEO said. “There is management. There was pre-mining. There is a hard fork. There is a continuous hard fork. There is a bomb of difficulty that keeps being pushed back.”
“There can’t be an issuer for it to be a commodity. The truth is that you can’t really make a decision. One of the basic insights in the crypto industry is the fact that you can change it. But that’s what makes it security, “Saylor added.
Featured image from Bloomberg, charts from TradingView.com
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