Re:Vitalik Unveils Ethereum 2.0 Roadmap
by wslh on Monday November 27, 2017 @06:25AM
(#15786552)
I was following your point of view until you said "That is the problem with these ICOs vs. using Proof of Work to fairly distribute the currency".
First, PoW can't be said to fairly distribute the currency but rather to secure the currency against double spend attacks. If it is a fair method or not is another discussion where many models are possible.
On the other hand there are questions about who develops the currency and how the team is funded. In this case Ethereum, Zcash and others propose this model which is valid. Bitcoin development is not progressing from thin air and it is not funded by the PoW mechanism anyway so the consensus method and the development work are different problems.
First, PoW can't be said to fairly distribute the currency but rather to secure the currency against double spend attacks. If it is a fair method or not is another discussion where many models are possible.
On the other hand there are questions about who develops the currency and how the team is funded. In this case Ethereum, Zcash and others propose this model which is valid. Bitcoin development is not progressing from thin air and it is not funded by the PoW mechanism anyway so the consensus method and the development work are different problems.