What is the definition of the blockchain anyway? I bet when you ask each person, they will give you their own definition of the blockchain!
However, if you want to tell your friends or family, or even stranger about what is the blockchain is few words: it is a Forever Database that people can verify anywhere at any time.
When you need to verify something, you need to spend time and slowly to ensure something is accurate. You cannot rush into finishing or it will sacrifice the quality of the work.
This is how the human brain works. However, the computer makes verification simple, fast, and error-free.
That is the different approach between Proof of Work (PoW) and Proof of Stake (PoS).
PoW relies on human judgment and purposely slows down the progress of the growth to ensure such growth is as accurate as possible.
PoS relies on the machine to eliminate human involvement as much as possible and speed up its growth as much as possible.
There are different approaches to future growth, and there is no one best approach.
PoW vs. PoS
It is simply your reference on your view of the future.
If you are a more careful person, you will choose PoW, which ensures each step is correct. Or, if you are a more risky-taking person, you will select PoS that focus on opportunity cost.
Security is the core of the blockchain. If the blockchain is a forever database, you hope the database will never be hacked at any point, mainly if you run finance on top of the blockchain.
From PoW standpoint, the consensus is more resilient than PoS because 51% attack is less likely in PoW and more likely in PoS in the short term.
After the Merge, Ethereum is facing a possible 51% attack because fewer participants dominated the reorg of the Ethereum mining power.
But we are really talking about 33% attack in the Ethereum PoS since Ethereum was implemented at 33% benchmark gate to prevent further domination, which costs attackers to lose their stakes and delay in finalizing the transactions.
You then will wonder if Ethereum will become more centralized, which is what many people question and debate.
You can further read the different types of attacks in
Slow progress toward growth is a preferable way into the uncertainty of the future. Taking more risks may seem a solution in the short term, but the long-term environment is unpredictable.
Photo by Nick Abrams
Note: Cross-references of this article have been created by the author and have been cross-referenced on multiple platforms here. Please reference the resources and credits here. Reach out to the authors if you have any questions.