all transactions we perform and our personal data are stored in the bank servers, which can be hacked and easily tampered!
Reality check: no retail customer has ever lost money when his bank got hacked. But bitcoins worth millions of dollars are lost due to hacked crypto exchanges, lost wallets, and mistakes.
However, I'm also a fan of the technology that the bitcoin/blockchain hype has triggered some years ago. It's interesting to see how the Ethereum developers used the concept for a distributed general purpose computer. And the concept of a tangle instead of a chain, like what the IOTA guys have implemented. Unfortunately all public projects suffer scaling issues. So far it seems that only closed ("permissioned") DLT networks can currently operate productive workloads without getting hacked. But the public networks are so much more interesting - just look at all that's happening in the world of "DeFi"!
Ethereum is trying to scale, they are adding in a lot of updates and features, PoS is just one of the steps towards scalability and productivity. I hope it'll soon become a widely accepted norm and we'll shift from centralized applications to DApps.
Surely DeFi is the new big thing, though it still a topic of controversy considering the flaws that had been exploited recently.
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Reality check: no retail customer has ever lost money when his bank got hacked. But bitcoins worth millions of dollars are lost due to hacked crypto exchanges, lost wallets, and mistakes.
However, I'm also a fan of the technology that the bitcoin/blockchain hype has triggered some years ago. It's interesting to see how the Ethereum developers used the concept for a distributed general purpose computer. And the concept of a tangle instead of a chain, like what the IOTA guys have implemented. Unfortunately all public projects suffer scaling issues. So far it seems that only closed ("permissioned") DLT networks can currently operate productive workloads without getting hacked. But the public networks are so much more interesting - just look at all that's happening in the world of "DeFi"!
Ethereum is trying to scale, they are adding in a lot of updates and features, PoS is just one of the steps towards scalability and productivity. I hope it'll soon become a widely accepted norm and we'll shift from centralized applications to DApps.
Surely DeFi is the new big thing, though it still a topic of controversy considering the flaws that had been exploited recently.