CasperLabs’ CEO is in Favor of PoS Mining Over PoW, Calling the Latter Inefficient, Wasteful Process
In a recent interview with Crypto Globe, the CEO of Adaptive Labs (parent company for CasperLabs), Mrinal Manohar elaborated on their current project along with the reasons why CasperLabs’, founded on October 2018, emphasizes on Proof-of-Stake (PoS) over Proof-of-Work (PoW).
When asked how Manohar would describe CasperLabs, he simply stated, “The ability to scale a blockchain without any compromise.” In particular, he reckoned that the likes of Bitcoin and Ethereum “are 100% decentralized,” adding that “there’s no permission, [and they are] leaderless systems.” This being said, in order to deal with scalability, people have either used “delegation or voting processes,” or have considered layer two solutions, but Manohar says layer one is essential to be “great”.
How CasperLabs Targets Scalability
Manohar disclosed that CasperLabs does not compromise on the decentralization aspect while trying to resolve scalability. More specifically, he said:
“We don’t want to trade decentralization for scalability. Now, you might not get million transactions per second, but you can get a few thousand fully decentralized.”
This makes sense considering the fact that the crypto sphere is founded on decentralization and allowing users to regain control.
Proof-of-Stake Over Proof-of-Work
As for why the firm relies on PoS over PoW, he said that the reason is more so for
“technical [aspect] than environmental,” adding that the, “fundamental issue with proof of work is that it limits scalability because 90 to 95% of your processing power is generating hashes or random numbers […] they have no utility […] and it’s just wasted.”
PoS is allegedly beneficial because what’s being wasted from the aforementioned is “reoriented” so that they conduct useful work – ensuring that processing power is completely maximized, and activities are conducted in an environmental-friendly manner. Furthermore, it was stated that:
“Proof-of-Stake, just by design, is going to be more efficient, faster and more scalable,” further emphasizing that, “Proof-of-Work is just not an efficient system.”
He went on to note that the general reliance on PoW is slowly dying, giving the examples of email spam filters and distributed denial of service (DDOS) attacks – both of which no longer use PoW. He believes that PoW is initially used because of its ease of implementation.
What does the Future Hold?
As for what’s to come for CasperLabs, the CEO shared that the coding aspect of the project should be completed and in action by year-end. This is the same time in which we will also be notified of the project’s testing phase – set to last anywhere between four and 10 weeks.