Ethereum co-founder Vitalik Buterin says claims about voting to change Ethereum software are lies. His comments come as three Bitcoiners point to Ethereum as security. Changes to the Ethereum software are governed by the Ethereum Improvement Proposals (EIP).
Ethereum co-founder Vitalik Buterin has lashed out at PoW advocates who claim that Ethereum is Proof-of-Stake due to voters changing the protocol.
Buterin disputed on Twitter a claim by Bitcoiner Nick Payton that changes to Ethereum protocol parameters are determined by voting, something Buterin claims is not true for both Proof-of-Stake and Proof-of-Work Blockchains. “It’s amazing how some PoW proponents just keep repeating the unmitigated bare-faced lie that PoS includes voting on protocol parameters (it doesn’t, just like PoW doesn’t) and this so often just goes unchallenged. Nodes reject invalid blocks, in PoS and in PoW. It’s not hard,” Buterin posted.
He also criticized Payton’s grammar by calling the protocol “security” instead of “securite.” Payton responded sarcastically, asking Buterin how often the protocol will change and how the “Fusion” is progressing.
Michael Saylor Speaks out
MicroStrategy CEO and Bitcoin maximalist Michael Saylor recently said that Ethereum is “obviously” a security. The crux of Saylor’s thesis is the variability regarding the next platform merger.
Saylor argues that any change in a coin’s value or issuance pattern means that the coin or token passes the Howey test and complies with securities laws.
In fact, Buterin himself admitted in a 2014 blog post, announcing the initial Ethereum token sale, that other consensus strategies could be selected in the future that would reduce the issuance rate.
Saylor also argues that an initial token sale challenges the notion of decentralization. He said that Bitcoin is different because no one wants to change the network software.
Changes Now Managed by EIPs
Significant changes to the Blockchain software that affect the rules of the protocol are called “forks.” The latest major change to Ethereum’s software occurred when a decentralized application called The DAO lost $3.6 million worth of ETH, its native asset.
The Ethereum community voted to move funds from The DAO smart contract to another contract, allowing victims to get their money back. Some voted against the fork and formed Ethereum Classic. Since then, the community has decided not to intervene for fear that the decentralization of the protocol will be questioned.
Changes to the Ethereum protocol are currently governed by Ethereum Improvement Proposals (EIPs), standards that describe new features or processes.
A set of guidelines governs them. They are usually written by the developers responsible for collecting and documenting dissenting opinions. If there are enough dissenting opinions and the lack of a clear benefit to the wider community, proposals are usually dropped.
Buterin’s work on Proof-of-Stake began in 2014 in collaboration with Vlad Zamfir.
Author of Books on Bitcoin Attacks PoS
Payton isn’t the only one criticizing Proof-of-Stake. The author of four books on Bitcoin, Jimmy Song weighed in, implying that PoS does not provide decentralized consensus. “Proof-of-stake is the ultimate dog and pony show. You have to vote the way the centralized controllers want or else you lose your money. It’s got all the honesty of a 100% vote in a dictatorship,” Song noted in a recent tweet.
The comment was criticized by both Buterin and Cardano founder Charles Hoskinson. While Buterin chose to be mild in his response, Hoskinson responded angrily, calling Song’s post stupid. “The level of stupidity here is beyond explanation,” Hoskinson posted.
By Audy Castaneda
