Vitalik Buterin shared a post about the Ethereum 2.0 update and announced that it will be released on December 1, 2020. In a tweet he shared on November 6, Buterin announced that he provided some information on the advantages of the Ethereum 2.0 network. According to Buterin, although PoW-based systems have some positive features, ETH 2.0 using Proof-of-Stake (PoS) offers higher security at the same cost.
Ethereum co-founder Vitalik Buterin talked about the advantages of ETH 2.0 without waiting long after the news of the ETH 2.0 update. Buterin wrote that PoS-based ETH is more secure, acknowledging that PoW has some indisputable benefits. In doing so, Buterin compared how much 51% attacks on PoW and PoS systems cost.
A quick post re-stating the case for proof of stake:https://t.co/viW2EYAXf3
— vitalik.eth (@VitalikButerin) November 6, 2020
Costs compared
Vitalik Buterin’s post about the update was also the subject of U.Today’s news. In the report, it was reported that the cost of a 6-hour attack on GPU-based PoW was estimated to be 0.26 USD. However, mining equipment on ASIC-based PoW is much higher costly, Buterin said, adding that an attack in such a system requires 66% of capital. So a mining malicious person has to spend $ 486.75 to capture $ 1.
It was stated that in PoS-based systems, a period of 6,667 years is required for the attacks of malicious people to occur. In this case, the total attack cost corresponds to $ 2,189.
Other advantages of PoS-based ETH
It was stated that the defense capacity is higher than PoW due to the decentralization of PoS systems. According to Buterin, 51% attacks on GPU or ASIC-based PoW systems are much more vulnerable, while the situation on PoS is different. Buterin said attacks on the PoS-based network will cost millions of dollars to the malicious person.
Vitalik Buterin showed another advantage as being the ability to implement PoS systems on a simple laptop or on a VPN. GPU and ASIC mining, on the other hand, requires high amounts of electricity consumption, expensive hardware and large warehouses.