This is a very exciting day for Ethereum fans. Because I’ve written so much on this subject, most recently, SoulBOUND, I can’t let this day go by without acknowledging it.
If you are one of those fans you will know that the Merge—transitioning from proof-of-work (POW) to proof-of-stake (POS) happened today. Bitcoin mining requires a huge amount of energy, something I talked about in Bitcoin: The Dirty Business of Clean Energy. Ethereum’s Merge promises to alleviate that problem (too big a topic to discuss here).
Key differences between POW and POS:
With proof-of-stake (POS), cryptocurrency owners validate block transactions based on the number of coins a validator stakes.
Proof-of-stake (POS) was created as an alternative to Proof-of-work (POW), the original consensus mechanism used to validate a blockchain and add new blocks.
While POW mechanisms require miners to solve cryptographic puzzles, POS mechanisms require validators to simply hold and stake tokens.
Proof-of-stake (POS) is seen as less risky in terms of the potential for an attack on the network, as it structures compensation in a way that makes an attack less advantageous.
The next block writer on the blockchain is selected at random, with higher odds being assigned to nodes with larger stake positions.
There is a deeper level to all of this.
In my essay SoulBOUND, I wroteabout Vitalik Buterin and his Soulbound Tokens (SBT). I delved into the importance placed on legitimacy/proof of identity, and the fascinating connection between Ethereum and the game Soulbound, known as “the first ever tabletop roleplaying game set in the Warhammer Age of Sigmar, one of the most exciting fantasy settings ever created.” The actual term Soulboundrefers to a “blood contract between a Shaman and their Shikigami that permits them to match Soul Wavelengths.”
Will the Merge really make a difference for the better? I guess we’ll see. But since it seems like, more and more, we are being sucked into other people’s fantasies as pawns on their gameboard, I remain skeptical.
Yep, I just saw that. I've written so much about it and done so much research, I remain as skeptical as ever. People get very emotional on the topic, that's for sure.
Ethereum: those with greatest stake reap greatest rewards. And set the rules, maleable to the whims of large stake holders. Lido, Kraken, Coinbase, Binance subject to the dictates of governments. WEF loves ETH: controllable.
BTC subject to the real laws of physics. Not Vitalek's dream world physics. Very hard to mess with proof of work. Hard to significantly change.
Love your writings Karen, but must respectfully disagree on ETH. Ethereans about to discover why PoW is a better consensus mechanism.
I read in another substack, and agree, that the modification of Ethereum is a transition from work-generated currency to yet another fiat currency.
POS has a previous meaning which applies very well to what They are doing with Ethereum... Piece of Shit.
Sorry, KH. ETH is not the way to go. Ethereum has now been endorsed by the WEF. Dump Ethereum. Go BTC.
"The stage has been set. In the digital asset space, it’s Bitcoin versus WEF/ETH coin. Freedom Money versus CBDC tyranny."
https://dossier.substack.com/p/ethereum-becomes-wef-coin-and-a-global
Smart-Contract Aware Ethereum and Client-Fog-Cloud Healthcare System
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8232207/
All the excitement kind of has the scent of men going to war.
Using Ethereum Smart Contracts to Store and Share COVID-19 Patient Data
https://www.cureus.com/articles/72568-using-ethereum-smart-contracts-to-store-and-share-covid-19-patient-data
This is all about TOTAL SLAVERY! DO NOT USE ANY OF THIS DIGITAL SCAM - COMPLETE FRAUD TO ENSLAVE YOU!
PLEASE LIVE FEARLESS IN THE REAL WORLD AS FAR AWAY FROM ANYTHING DIGITAL AS POSSIBLE!
DITCH THE DAMNED PHONES AND THE DAMNED QR CODES AND GO BACK TO LANDLINES OR FLIP PHONES AND USE CASH AS MUCH AS POSSIBLE! INSIST ON CASH! CASH!
Yep, I just saw that. I've written so much about it and done so much research, I remain as skeptical as ever. People get very emotional on the topic, that's for sure.
Ethereum: those with greatest stake reap greatest rewards. And set the rules, maleable to the whims of large stake holders. Lido, Kraken, Coinbase, Binance subject to the dictates of governments. WEF loves ETH: controllable.
BTC subject to the real laws of physics. Not Vitalek's dream world physics. Very hard to mess with proof of work. Hard to significantly change.
Love your writings Karen, but must respectfully disagree on ETH. Ethereans about to discover why PoW is a better consensus mechanism.
Stay skeptical. See Jordan’s post on this.