How The Incentives Of Proof-Of-Work Are More Fair Than Proof-Of-Stake

Bitcoin Magazine

This is an opinion editorial by Mickey Koss, a West Point graduate with a degree in economics. He spent four years in the infantry before transitioning to the Finance Corps.

As Ethereum completes its transition to proof-of-stake consensus, I can’t help but notice the plethora of articles citing a 99% reduction in energy usage. The claims, however true, are misguided and counterproductive.

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Proof-Of-Stake Incentives

Proof-of-stake validators need to lock up a bunch of coins in order to earn the privilege of validating transactions. Though this does eliminate the need for mining and therefore reduces power consumption, the incentives are such that the Ethereum network will progressively become more and more centralized.

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