Weh ave some data in now that we have a few days of Ethereum operating as a PoS chain.
In this video is discuss how the block production is being dominated along with the coin breakdown in the wallets. None of this bodes well for Ethereum ever operating as a decentralized chain.
Here is the article discussed in the video:
https://beincrypto.com/80-of-ethereum-blocks-were-relayed-by-flashbots/
▶️ 3Speak
Honestly, Ethereum has had a long historynof issues. This doesn't seem to solve any of them, and bodes negatively for true decentralization.
I agree with the thesis that Bitcoin is a superior product.
Well Bitcoin has its limitations too, in that it is limited.
So we will see other blockchains step up. This is the opportunity before them.
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I have heard some of that about Ethereum and its migration to PoS. But honestly, what advantages will it bring us in the future?
It won’t bring us advantages in my opinion however it brings advantages to governments. I am fairly certain that this is going to be the CBDC platform that it will be built on. Let’s hope this shit show fails and people see it for the farce that it is.
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In retrospect that was inevitable. PoS always suffer from inner contradictions. And for a coin PoS, it's too lucrative for the centralized players. Coinase will definitely enjoy it.
I thought it would take longer for issues to appear but I do agree that the current centralization is not looking that great for ETH. Killing the mining rewards was just going to cause less block producers to be motivated and they won't be running things at a loss.
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Seeing ol Klaus take 100% of his salary in eth we can clearly see why this was transitioned to PoS. For control and eventual utility of eth to roll out the CBDC platforms they are foaming at the mouth thinking of controlling us with. I’m hopeful that we can get around it all, given how when the internet rallies behind something such as game stop stock, it has unintended consequences for the assholes trying to control us. I’m trying not to be so gloomy when it comes to this and crypto but seeing people cheer for PoS for eth for months, I had a really hard time getting them to see how terrible of an idea it was for decentralization and freedom.
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Facts
But it is also the only way for it to happen.
Nothing has ever started out decentralized.
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Summary:
In this video, the speaker discusses Ethereum's recent transition from Proof of Work to Proof of Stake and highlights the issue of centralization that has arisen as a result of this switch. The speaker compares Ethereum's Proof of Stake system to Hive's block production rotation system, emphasizing the potential risks of centralization in Ethereum due to concentration of tokens and control over block production. The speaker also addresses the importance of inflation in incentivizing behavior in blockchain systems, particularly in the context of block production rewards. Lastly, the speaker touches upon the future of Ethereum, potential challenges with decentralization, and alternative options in the blockchain space such as EOS, Gnardo, and Hive.
Detailed Article:
The video starts with the speaker praising the Ethereum developers for successfully transitioning the network from Proof of Work to Proof of Stake. However, the speaker quickly delves into the issue of centralization that has surfaced post-transition, particularly pointing out the dominance of Flashbots in block production since the switch. Flashbots, a centralized entity, has sparked concerns about the decentralization of Ethereum's Proof of Stake model. The article from Being Crypto, as referenced by the speaker, sheds light on the centralization problem that Ethereum is facing.
The comparison between Ethereum and Hive's block production mechanisms is notable. The speaker details how Hive's DPoS system allows for a more decentralized approach, with no single entity controlling more than 5% of block production. In contrast, the speaker expresses concerns about Ethereum's Proof of Stake system leading to increased centralization, especially as efforts are made to turn it into deflationary money. The concentration of tokens in a few wallets and the potential for larger block producers to gain more control are highlighted as significant risks for Ethereum's decentralization efforts.
Furthermore, the speaker emphasizes the role of inflation in incentivizing behavior within blockchain systems. Drawing from the example of Bitcoin's successful growth due to inflation, the speaker argues that a delicate balance must be maintained in rewarding block producers to keep the network running efficiently. This serves as a cautionary tale for projects like Ethereum, where shifting towards a deflationary model could impact the network's dynamics and potentially lead to centralization.
Finally, the video touches on the future of Ethereum, proposing that it may become more centralized over time despite claims of decentralization. The speaker acknowledges the diverse landscape of blockchain alternatives like EOS, Gnardo, and Hive, suggesting that developers have multiple options outside of Ethereum. The overarching theme revolves around the challenges and trade-offs associated with decentralization, token distribution, and block production control within blockchain networks. The speaker concludes optimistically, inviting viewers to stay tuned for the next update.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.