Delegated Proof Of Stake Chains Are Easier To Upgrade Than Proof Of Work Networks, Daniel Larimer Affirms
The Chief Technology Officer of Block.one, Daniel Larimer, has recently talked about the proof of stake system. Block.one, the company in which he works, was able to raise over $4 billion USD from several projects like EOS, one of the largest blockchains in existence today.
Recently, Larimer has affirmed that proof of work chains will eventually become all centralized and that it will be very hard to create a new resistant proof of work after the quantum leap in computation is finally discovered.
Proof of stake, in case you are not familiar with the term, are networks in which some node validators stake their tokens in order to validate transactions. In EOS, the process is delegated to elected parties, not only done by individuals. Proof of work, on the other hand, relies on miners, people who solve complex equations to validate the transactions.
According to Larimer, who is a computer science graduate from the Virginia Polytechnic Institute, delegated proof of stake (DPos) will remain decentralized independently on what will happen with the technology. PoW technology will not have the same luck, he affirmed.
Can Well Designed Blockchains Enable Incentivized Free Speech?
During the same occasion, Larimer talked about freedom of speech and the blockchain technology. He said that freedom of speech was “too valuable to be free”, so he suggested a platform in which people can bid for an opportunity to talk and others will pay to listen.
He is known for having several ideas for blockchain projects (but most of them do not actually pan out into something real). For instance, he has once talked about how all businesses would end up using the blockchain in the future because there are many problems that can be only solved with this technology and the companies would have huge liabilities if they did not decide to use the blockchain.