Ethereum 2.0 Update Advantages Revealed

Vitalik Buterin shared a post about the Ethereum 2.0 update and announced that it will be released on December 1, 2020. In a tweet he shared on November 6, Buterin announced that he provided some information on the advantages of the Ethereum 2.0 network. According to Buterin, although PoW-based systems have some positive features, ETH 2.0 using Proof-of-Stake (PoS) offers higher security at the same cost.

Ethereum co-founder Vitalik Buterin talked about the advantages of ETH 2.0 without waiting long after the news of the ETH 2.0 update. Buterin wrote that PoS-based ETH is more secure, acknowledging that PoW has some indisputable benefits. In doing so, Buterin compared how much 51% attacks on PoW and PoS systems cost.

Costs compared

Vitalik Buterin’s post about the update was also the subject of U.Today’s news. In the report, it was reported that the cost of a 6-hour attack on GPU-based PoW was estimated to be 0.26 USD. However, mining equipment on ASIC-based PoW is much higher costly, Buterin said, adding that an attack in such a system requires 66% of capital. So a mining malicious person has to spend $ 486.75 to capture $ 1.

It was stated that in PoS-based systems, a period of 6,667 years is required for the attacks of malicious people to occur. In this case, the total attack cost corresponds to $ 2,189.

Other advantages of PoS-based ETH

It was stated that the defense capacity is higher than PoW due to the decentralization of PoS systems. According to Buterin, 51% attacks on GPU or ASIC-based PoW systems are much more vulnerable, while the situation on PoS is different. Buterin said attacks on the PoS-based network will cost millions of dollars to the malicious person.

Vitalik Buterin showed another advantage as being the ability to implement PoS systems on a simple laptop or on a VPN. GPU and ASIC mining, on the other hand, requires high amounts of electricity consumption, expensive hardware and large warehouses.