Chia CEO and BitTorrent Creator Criticizes Ethereum’s ASIC-Resistant Hopes for Proof of Work
BitTorrent’s Bram Cohen recently gave a number of differing perspectives based on reviews by Vitalik Buterin on the Tech advancement within crypto. The Ethereum founder had earlier on boasted of a number of features that make ETH network flourish.
Cohen who also heads Chia network termed Vitalik’s blog as “wrong-headed” in his twitter thread on November 25th. He highlighted the shortcomings with sharding, ASIC resistance and the Proof of Work which is not very eco-friendly.
Here's Vitalik's opinions about the state of technology around cryptocurrencies. As you might expect, I think much of this is wrong-headed, and will explain (thread) https://t.co/m1FLSiiwo4
— Bram Cohen (@bramcohen) November 25, 2019
Payment Channel Vs Sharding
Vitalik had posted that they currently dominate in the scalability arena; only Zilliqa’s blockchain which enjoys a partial sharding is operational. However, Cohen says this is not the only avenue to achieve scalability given the advancement in FinTech integration.
In his opinion, payment channel networks have become more practical and user-friendly given the ‘sophisticated’ nature of blockchain tech. He further noted;
“What Ethereum's proposing for sharding further breaks this by essentially requiring miners to have all the shards, which is… not sharding, it's just further redefining ‘full node' to mean less than it did before.”
ASIC Resistance Slowly Fading
The Ethereum founder was keen to praise the efficiency achieved by using an Asic resistant algorithm. As it stands, the ETH foundation has been leveraging the Ethash Proof of Work consensus for the past four years.
Cohen belongs to a different school of thought which believes that Asic resistance is slowly being phased out besides making hacking attacks over 50% cheaper. Furthermore, the probability of evolving to centralized ecosystems is higher with Asic resistant environments in the event of a failure.
Farming Over Mining Cryptocurrencies
Back in the beginning Q3, Chia network published a green paper which outlined how crypto mining can be transformed to an eco-friendlier practice.
In the paper, they proposed crypto farming as opposed to mining; this simply means implementing a Proof of Time or Proof of Space consensus instead of the energy intensive Proof of Work algorithm. The paper explained:
“Instead of using proofs of work, Chia alternates proofs of space with verifiable delay functions. This results in a chain than in many aspects is similar to Bitcoin, in particular, as in Bitcoin no synchronisation is needed and we can prove rigorous security guarantees assuming a sufficient fraction of the resource (space in Chia, computation in Bitcoin) is controlled by honest parties.”