Pros and cons of PoW and PoS are often discussed by the crypto community. Recently, Ethereum co-founder Vitalik Buterin talked about the advantages of PoS over PoW in a podcast and claimed that PoS is much more efficient than PoW.
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Buterin pointed out that at present, the general approach is to start with a new PoS chain and see if it can work independently. Once this is feasible, developers will plan a fusion so that the account balance of everything from contract code and contract storage can be transferred to the PoS chain in one go. Vitalk further stated that the PoW chain will eventually die out.
Buterin also pointed out in several interviews that PoS implementation is difficult to attack because the cost of attacking it is higher than attacking any PoW chain. In addition, PoS implementations will use an alternative verification and confirmation method to remove the mining process from Ethereum.
Considering that there is not much calculation in PoS, PoS is also more environmentally friendly than PoW. However, in PoS, there is always a problem: the original token holders have no incentive to send their tokens to a third party. In addition, the two systems share some common vulnerabilities, such as vulnerability to DoS and Sybil attacks. But the fact is that in both cases, PoW is more vulnerable to attacks, and PoS has an advantage in this regard.
The concept of "centralization" is another major concern between PoS and PoW. In the interview, Buterin was asked the same question. He replied that PoS is not centralized, and PoW is much more centralized than PoS. He said:
"There are several reasons. One is that no matter how much money you have, you can participate in PoS; if you want to participate in PoW, you need to invest millions of dollars. Compared to PoW, PoS is less likely to be attacked by 51%. Much more. "