Vitalik Buterin Criticizes the “Ninja-Reapproved” ProgPoW

vitalik buterin some conference feb 2020

Ethereum’s cofounder Vitalik Buterin has criticized the way an old new proposal to change ethereum’s algorithm through ProgPoW was pushed through this Friday. “It went from ‘phew, this thing is gone and has not been talked about for quite a while’ to ‘OMG it’s now SCHEDULED FOR THE NEXT HARDFORK???!’ within the span of 1.5 hours,” Buterin said with the emphasis his. These comments arose in the context of monetary policy where Buterin argued ethereum has to “erect psycho-sociological walls in the form of norms saying where we clearly don’t want governance to go,” with one such wall being the schelling point of eth’s monetary policy to be defined as: “as little issuance as possible to secure the network.” That dictum translates to around 0.22% of new eth supply per year once the current Proof of Work (PoW) chain is packaged inside the new Proof of Stake (PoS) chain. “The…

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