Ethereum [ETH] has been emerging as a prominent topic of discussion in the crypto-verse. As the network prepares to migrate to Proof-of-Stake [PoS] from Proof-of-Work [PoW], it has been facing a lot of backlashes. Several in the market have been calling the network out for being a form of security. Tired of all these comments, Vitalik Buterin the creator of the network finally decided to speak up.
A Bitcoiner decided to take a jab at “Proof-of-Stakers” on Twitter. The Twitter user went on to suggest that voting on something that would bring change to a network’s properties categorizes it as a security. Buterin was clearly done with individuals labeling Ethereum’s imminent shift to PoS as a security. Therefore, he took to Twitter and said,
He further went on to suggest that certain PoW protocols also entail voting. Taking Ethereum itself as an example, he pointed out the Ethereum gas limit voting.
In addition to this, bringing out the Grammar Nazi in him, Buterin corrected the community. The Ethereum co-founder said,
“Also, small grammar nuance: in English when talking about things like proof of stake, we don’t say “it’s a security”, we say “it’s secure”. I know these suffixes are hard though, so I forgive the error.”
Over the weekend, Michael Saylor, the CEO of Microstrategy outrightly called Ethereum a security. He even concluded that all PoS networks were securities. While an array of them seconded his views, a majority of the community criticized Saylor. A few of them even suggested that he was trying to direct Ethereum investors onto Bitcoin with the hopes of pumping his bags.
Not the first time Vitalik Buterin defended the PoS mechanism
It looks like defending the PoS mechanism before Ethereum undergoes ‘The Merge’ has become a regular event. Bitcoiners have been constantly condemning PoS. Prominent Bitcoin developer Jimmy Song also took a jab at the network, earlier this month. Suggesting that Ethereum’s shift to PoS wouldn’t solve the Byzantine General’s Problem, he questioned the network’s decentralization.
Coming in support of PoS, Buterin tweeted,
While this debate will certainly persist, Ethereum’s fate would be known only after ‘The Merge’ occurs.