The famous author who curated the BitTorrent P2P or peer-to-peer protocol, Bran Cohen responds to some of the opinions by Vitalik Buterin. Cohen points out the present stance of technology, which revolves around cryptocurrency.
On the 25th of November 2019, Chia network’s current Chief Executive Office, Cohen, said that he feels Vitalik perspective regarding cryptocurrency is not correct. On the 22nd of November 2019, Vitalik put forward his opinion regarding the cryptocurrency industry and Ethereum in a blog post. However, after reading that blog post, Cohen took it to Twitter and called Vitalik Buterin to be wrong-headed.
Cohen began to bash Vitalik Buterin by stabbing his views on the scalability of Blockchain and Sharding. The co-founder of Ethereum points out that the world is yet to see the cutting-edge sharded blockchains. Vitalik Buterin also points out the cryptocurrency, which has partial sharding, Ziliqa.
Cohen said that sharding isn’t the only option that can solve the blockchain scalability. Additionally, Cohen also said that the modern-day payment channel networks are quite appealing to him, and they are turning into a real deal. According to Cohen, the proposal of introducing sharding in Ethereum breaks the essential requirement of miners to possess all shards, and this wouldn’t benefit the miner significantly.
ACIS-resistant PoW is not full proof
In early 2015, Ethereum said that the ASIC-resistant PoW algorithm in Ethash is quite successful when it comes to resisting ASIC. In addition to this, Vitalik’s perspective of the ASIC-resistant PoW suggests that these algorithms come with a minimal life span. Additionally, ASIC resistance to another significant downside indicates that they make the notorious 51% attacks relatively cheaper.
Cohen immediately agrees to Vitalik’s words regarding the downsides of ACIS-PoW. In addition to this, Cohen called PoW a terrible idea and an actual pipe dream. According to Cohen, it will be better for the creators of cryptocurrencies like Vitalik Buterin to incorporate ASIC-friendly in their networks. According to Cohen, ASIC resistance usually gives rise to centralization concerning manufacturing, which fails inevitably.
Cohen believes in eco-friendly cryptocurrency mining
Back in July 2019, Chia, the tech firm based in San Francisco, did release a recently curated green paper by describing the eco-friendly ways to mine cryptocurrency. Moreover, Chia doesn’t regard cryptocurrency mining as mining. Instead, Chia believing in farming techniques to verify blockchains of cryptocurrencies. Farming uses the new consensus methods, namely proof-of-space & proof-of-time, instead of the popular consensus method PoW or Proof of Work. The leading cryptocurrencies in the world, namely Bitcoin and Ethereum, use PoW to mine cryptocurrencies.
Chia uses proof-of-space alongside the verifiable delay functions, which conserves a significant amount of electricity. Furthermore, this results in a chain which is quite similar to Bitcoin is several aspects. The idea of Chia is to make Bitcoin mining better and ultimately fixing the problems concerning centralization. Chia relies on the two-step authentication method to verify the block.
The carbon emissions that come from Bitcoin is the same as carbon levels which are emitted from Kansas City. As far as carbon emissions are concerned, Bitcoin gives out emission of 22.9 megatons, which is similar to the emission of Jordan & Sri Lanka.