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Ethereum: Disadvantages of the Palik’s Proof
As for cryptocurrencies, such as ethereum, many investors and users are attracted to an innovative intelligent contract platform and decentralized nature. However, one of the aspects of the Ethereum Security Model was the topic of the debate Among Experts: Proof of Past (POS). While the Ethereum Pop Consensus Algorithm Has Improved Significantly Over The Years, There Are Actual Disadvantages of This System That Should Be Tasks Into Account.
What is Palik’s proof?
The proof of the rate is a mechanism of consensus used by cryptocurrencies such as ethereum, bitcoin cash and others. Works as follows:
- The Node Network Verifies Transactions to Blockchain.
- Nodes with more “stakes” (i.e. more ether or other tokens kept in their wallets) have a better chance of chosing to confirm the transaction and create new blocks.
- Walidacists Who Effectively Create and Confirm the Block Are Rewarded with New tokens That Can Be Used to “Rate” More Ether.
Disadvantages of proof of the rate
While the proof of participation Has Been Improved over The Years, His Security Conerns Remain. Here are some of the disadvantages:
- Centralization : In Pos Systems, The Walidators May Be Too Centralized Around a Small Group of Nodes, Creating a Single Failure Point. If this group was to be violated, it could have a serious impact on the network.
- 51% ATTACK : The 51% Attack Can Exist When a Group of Walidators is forced to control more than half of the Network Shares. This may caus temporary disruption of the network, which makes it susceptible to attacks and exploits.
- Lack of Scalability
: Pos Systems Have Historically Struggled with Scalability Problems That Can Lead to Blockchain Crowding and A Decrease in Transaction Bandwidth.
- Energy consumption : Energy Required to Secure the Pos System is significant, which leads to Fears Regarding the Impact of these Networks on the Environment.
- SUSCEPTibility : AS in Any Complex System, Pos Networks Are Not Resistant To Gaps. For example, if a malicious actor was to use susceptibility in the validation process, he could potentialy control a large part of the network package and start an attack.
Ethereum population
The Ethereum Consensus Algorithm is Considered More Safe than some other Systems because of his:
- Delegated Proof of Rate (DPO) : Introduced in 2016, DPO HAS Improved Significantly Over The Years, With More Emphasis on Decentralization and Community Control.
- Intelligent contract Optimization : Ethereum Intelligent Contract Platform HAS Enabled the Creation of More Efficient and Safe Validation Algorithms, Reducing the Likeli Hood of Gaps.
Application
Althegh the proof of the rate is not safe by nature, it has leg improved over the years through varous improvements. However, when assessing this consensus mechanism, potential disadvantages should be tasks into account. As with any complex System, It is Necessary to Consider the Benefits of Risk and Apply A Differential Approach to Securing These Networks.
What can you do?
To alleviate Some Disadvantages of Proof of the Rate:
1.
- Regionalized and Audit the Wallet Regularly : Keep your portfolio software on a regular base to make sure you have the latest safety patches.
3.
By making the potential disadvantages of proof of the rate, you can make more conscious decisions when assessing cryptocurrencies such as ethereum.