ZCASH founder discusses network shift from the proof-of-work to proof-of-stake
ZCASH founder discusses network shift from the proof-of-work to proof-of-stake
- According to Zooko Wilcox, it is necessary for Zcash to get from a proof-of-work consensus mechanism to a proof-of-stake.
- Wilcox said that the proof-of-work has many defects and added that the proof-of-stake is safer.
Zcash founder and Satoshi Nakamoto employee Zooko Wilcox would like to use the data protection-oriented digital currency to advance crypto by means of proof-of-work consensus mechanism to a proof-of-stake mechanism. If the changeover is successful, the transition will also have a significant impact on Bitcoin if you consider the close relationship between ZCash and Bitcoin. Zcash runs on the code base of Bitcoin. Both ZCash and BTC have similar characteristics to the total range. Despite the relationship, the two cryptocurrencies in terms of value and acceptance are widely apart. Zcashs Native Coin, ZEC, is currently traded at $ 114.85 per coin, while BTC is $ 38,056. While Bitcoin processes around 250,000 transactions every day, Zcash is around 4,000.
The Proof-of-Stake vs. Proof-Work
The company under Proof-of work requires energy-consuming computing hardware worth millions of dollars. The proof of work also requires enormous amounts of energy that affect the profits of miners. At the same time, the number of transactions that the network can process at the same time is limited. On the other hand, the proof-of-stake approach is faster and lighter.
The Bitcoin blockchain is the original user of the proof-of work consensus mechanism. The blockchain takes about 10 minutes to confirm transactions. In addition, the blockchain can only process about seven transactions per second. As a result, transaction fees on Bitcoin blockchain have increased significantly in recent years.
The improved consensus mechanism, proof-of-stake, offers a fairer and fairer mining system. Another feature of the proof-of-stake model are scalable transactions and a lower dependency on electricity.
In addition, the proof-of-stake is a safer approach compared to the proof-of-work mechanism. The ZCASH founder continued to comment on the favorable high-security, which is guaranteed by proof-of-stake. He said :
I think the proof-of-work has some security gaps as the 51% of the attacks have shown (if a miner can control a large part of the computing power in the network and token). And I think the proof-of-stake can offer a much more powerful type of security at lower costs.
related : BSV loses 5 % after the network has been maliciously attacked
zcash founder talks about the transition to the proof-of-stake
According to the founder of ZCash, he calls for the transition to the proof-of-stake because the network is "proven" and is no longer in the experiment stage. Wilcox referred to the successful start of networks such as Cardano, Tezos, Algorand and Cosmos to support his point of view.
As far as the ZCASH founder is concerned, another reason for the changeover of data protection by the government. He also added that mega concentration and the government take control of people. Wilcox continued:
and at the same time we see how people become more aware of worldwide and their privacy, their autonomy, their human relationships.
In addition, users can lose evidence if the network is attacked. The users have no alternative in the event of an attack. However, proof-of-stake networks can recognize malicious actors before an attack and tackle problems to ensure smooth operation.
Source: Crypto-news-flash.com
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