Bran Cohen, has answered some of Vitalik Buterin’s opinions concerning the state of technology around cryptocurrencies.
Author of the peer-to-peer (P2P) BitTorrent protocol,Bran Cohen, has answered some of Vitalik Buterin’s opinions concerning the state of technology around cryptocurrencies.
Bram Cohen, who is also the current CEO of the Chia network explained why he considers several of Vitalik’s opinions in his blog post in November 22 addressing the so-called “hard problems in cryptocurrency”, to be “wrong-headed” in a twitter thread on November 25.
*Sharding isn’t the sole choice*
Cohen started by taking a couple of stabs at Vitalik’s views on sharding and blockchain scalability where Vitalik( Ethereum co-founder) points out that the full sharded blockchains have not yet been seen in action, besides the partly sharded Zilliqua,that started running.
Bram Cohen wrote that sharding is not the only or sole choice of blockchain scalability. According to Cohen, payment channel networks are much “more appealing” and becoming ‘a real thing”. He adds:
“What Ethereum’ s proposing for sharding further breaks this by essentially requiring miners to have all the shards, which is….not sharding,it’s just further redefining ‘full node’ to mean less than it did before”.
ASIC- resistant proof of work Ethereum settled on its ASIC- resistant proof of work (PoW) algorithm Ethash in early 2015, which according to Vitalik has tested remarkably successful at resisting ASIC.
However,Vitalik’s view on ASIC-resistant PoW is that there is a growing accord that ASIC-resistance algorithms have a restricted period of time, which ASIC resistance has downsides as they create 51% attacks cheaper.
Bram Cohen claims that it is a way higher plan to be ASIC- friendly because “ASIC resistance simply makes additional centralization around manufacture once inevitably falls”.
He seems to agree and calls ASIC-resistant PoW both a “pipe dream and a bad idea”.
Eco-friendly crypto mining
Bram Cohen’s San Francisco-based technical firm Chia Networks free a green paler that portrays an Eco-friendly means of mining cryptocurrencies in July. Specifically, Chai suggested farming instead of mining to verify blockchains that issue cryptocurrencies, whereby proof-of-space and proof-of-time take the place of proof-of-work(PoW) principle used to mine Bitcoin(BTC) and Ethereum(ETH). The paper explained:
“Instead of using proofs of work, Chia alternates proofs of space with verifiable delay functions. This results in a chain than in many aspects is similar to Bitcoin no synchronisation is needed and we can prove rigorous security guarantees assuming a sufficient fraction of resource (space in Chai, computation in Bitcoin) is controlled by honest parties.”