Bitcoin and proof-of-stake have natural ‘synergy’: Bitcoin Builders 2023
Less than a year after proof-of-stake (PoS) became the consensus mechanism for the Ethereum blockchain — the industry’s largest blockchain network — researchers have found that PoS can complement Bitcoin.
Stanford University professor David Tsè spoke to Cointelegraph at the 2023 Bitcoin Builders conference in Miami, Florida, about his team’s findings on Bitcoin, PoS, security and energy consumption.
Tsè facilitates a research lab specializing in blockchain consensus protocols at Stanford University in California. He said the first consensus protocol it looked into was Bitcoin’s proof-of-work (PoW) protocol.
“Bitcoin was like our first love,” he said. Through this “deep understanding” of Bitcoin and then an understanding of PoS protocols, he continued to say that his team found a “very natural synergy” between the two.
Tsè pointed out that on its own, the PoS blockchain has two major limitations: Due to it being based on proof of “stake,” or capital, it’s hard to start a new blockchain due to the need to attract stakers. He said, “If you don’t have capital, you don’t have enough security.”
In addition to security and capital being intertwined, the Stanford professor also highlighted that security is what he calls “short range” on PoS, whereas Bitcoin is the opposite, with stronger “long-range” security, making them “the perfect complement to each other.”
He wants it so that people can build distributed ledger applications in a more simple way:
In such a method, Tsè envisions developers being able to focus on building the application, which is the core purpose of creating a blockchain network, rather than on recruiting the stake to secure the chain.
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