During the Justin Sun episode, many who favor PoW systems took the opportunity to attack PoS (especially DPoS) as not being secure. Many who support PoS state the fact that community was able to fork the chain and get out from under his control.
In this video I discuss how decentralization is vital to the future of security and we need to move in that direction with our systems. It is something that is tough to do since the biggest mining pools, as an example, do not want to give up that hashrate they spent so much to acquire.
▶️ 3Speak
I almost felt embarrassed about my $20/wk power ups. But, I realized that it's $80/mo or $1000/yr not including rewards. I think the more the middle class grows, the more secure the network. It also allows for more curation rewards for new users. I think the middle class will be essential for bringing up new member and keeping them from getting discouraged.
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The same problem could occur on other chains of course. I have to agree and Bitcoin will become more of a target should its price keep rising. Why couldn't this kind of thing happen on a PoS system? Every cryptocurrency will have someone controlling the Lion's share of coins. Chains with a feature where reorgs are no longer possible after a certain number of blocks, will simply have unorganized forks into two chains with the same protocol and the same name. This might not bother wallets that are always online.
Summary:
In this video, Task discusses the recent 51% attack on Ethereum Classic and reflects on the implications of such attacks on proof of stake and proof of work systems. He draws comparisons to other blockchains like Hive, EOS, and Bitcoin, highlighting the importance of decentralization for security. Task emphasizes the significance of token distribution in DPoS systems and advocates for community involvement to enhance security through decentralization. He concludes by stressing the need for continuous efforts to improve security in blockchain systems.
Detailed Article:
Task starts by addressing the recent 51% attack on Ethereum Classic, where a single miner was able to override the network. He points out that the attack was facilitated by the accumulation of a significant stake by one entity, raising concerns about the security of proof of stake systems. Task contrasts this with Bitcoin, noting its longer operational history and more widespread token distribution, which may contribute to its security against similar attacks.
Moving on to discuss Hive, Task praises its community support and token distribution mechanism in DPoS, which helps safeguard the network against potential attacks. He explains how the distribution of tokens and the locking away of significant stake holdings in non-voting systems contribute to Hive's security.
Task underlines the ongoing debate between individual control and collective security in blockchain systems, highlighting the challenges faced by those holding substantial amounts of tokens in maintaining decentralization. He stresses the importance of decentralization in enhancing security and encourages community participation to promote the ecosystem's growth and resilience.
The discussion extends to the vulnerabilities of centralized systems, citing examples like Twitter hacks and the Steam situation, where concentrated stakes were at risk. Task emphasizes the need for token distribution, mining distribution, and community engagement as crucial aspects of ensuring security in blockchain networks.
Concluding the video, Task reiterates the importance of decentralization for advanced security over traditional centralized systems. He advocates for continuous efforts to enhance security measures in blockchain networks, such as increasing mining activities and promoting community involvement. Task encourages viewers to prioritize security and decentralization in contributing to the overall resilience and growth of blockchain ecosystems.