Bankless 46 - Vitalik Buterin on Why Proof of Stake?
Jan 4, 2021
Vitalik Buterin, co-founder of Ethereum, dives into the revolutionary transition of Ethereum to a Proof of Stake model. He discusses the launch of the Beacon Chain and its significance for network security, while celebrating the milestone of over 524,288 ETH staked. Vitalik also contrasts the philosophies of Bitcoin and Ethereum, highlighting cultural impacts that stem from technical choices. The conversation touches on social consensus in blockchain, the dynamic between staking and mining, and the implications of Bitcoin's fixed supply cap.
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ETH2 Deposit Contract & 2014 Ether Sale
- Vitalik Buterin recalls the ETH2 deposit contract filling up, similar to the 2014 ether sale.
- Initial slow deposits worried some, but a last-minute surge ultimately ensured success, exceeding the target by 200,000 ETH.
ETH2 Deposit Threshold Reasoning
- The 524,288 ETH deposit threshold for ETH2 launch wasn't arbitrary.
- It represents a minimum for chain security, preventing single-entity control, like by the Ethereum Foundation, while enabling future growth.
Ethereum's Transition and Future Properties
- Ethereum is in transition; current properties may change within 1-1.5 years due to ETH2, EIP-1559, and Layer-2 scaling.
- Focus on the future system's properties, especially for long-term economic considerations.