Bitcoin and proof-of-stake are complementary, have “synergy”
In Brief
Researchers at Stanford found that Bitcoin’s security properties are linked to proof-of-stake protocols.
A Stanford University professor said his research had discovered a security characteristic between Bitcoin and proof-of-stake protocols.
A research team has discovered that proof of stake (PoS) can complement Bitcoin on the largest blockchain network. Professor David Tsê of Stanford University told at the 2023 Bitcoin Builders conference in Miami, Florida, about his research on Bitcoin, POS, security and energy consumption.
Researchers at Stanford University’s blockchain-focused research lab are looking into Bitcoin’s proof-of-work (PoW) protocol. They first studied Bitcoin’s proof-of-work (PoW) protocol. “We felt very confident about partnering with [X] because of our deep understanding of Bitcoin and then PoS protocols,” he said. Through this “very natural synergy,” he continued, his team found a “very natural alliance.”
By adding an extra layer of protocol to share the security between Bitcoin and PoS, the researchers hope to enhance blockchain security. PoS blockchain, due to its reliance on stake, is hard to create based on its own merits. Tsè stated that if you don’t have capital, you don’t have enough security.
Professor noted that PoS is a more secure technology than Bitcoin because it is “short range,” while the opposite is true for PoW, with “long-range” security making Bitcoin “the perfect complement to each other.”
He wants it so that people can build distributed ledger applications more simply: “Instead of everyone fragmenting and competing for limited capital, take capital from a huge reservoir Bitcoin and use it as economic security for all these chains.” In such a structure, developers could concentrate on building the application rather than recruiting the stake to secure the blockchain network.
Ordinals on Bitcoin
What makes Ordinals interesting on Bitcoin, as opposed to any other blockchain platform, is that they’re building on the most secure blockchain in the world on Ordinals.
Bitcoin NFTs have been widely acclaimed and fiercely attacked since their inception a few months ago. Some experts believe they will die out, while others think they will continue flourishing. Despite this, on May 9, Binance’s NFT marketplace introduced Bitcoin NFTs.
- Ordinal Punks, an algorithmically generated NFT collection of 100 CryptoPunk derivative PFPs, launched in January and has the Bitcoin community divided over whether jpegs are necessary on the Bitcoin blockchain. Some Bitcoin maxis questioned bringing NFTs to Bitcoin as it goes against the blockchain’s purpose of financial transactions. Others welcomed the new use case on the blockchain.
Read more related articles:
- Bitcoin halving: The ultimate guide (2023)
- Best 3 Bitcoin Ordinals Wallets 2023
- Unveiling Bitcoin Nodes: A Comprehensive Guide for Beginners 2023
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
More articles
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
