Vitalik Buterin: Potential attack won’t be fatal for Ethereum 2.0
Ethereum founder Vitalik Buterin believes that users needlessly worry about attacks on the cryptocurrency network after its transition to the Proof-of-Stake consensus mechanism.
He made his comment in response to a post from CIO Arcane Assets, Eric Wall. Wall noted that the current trends in the decentralized finance space pose a threat to the future of Ethereum, namely the launch of the yETH pool in the yearn.finance project..
Users are encouraged to contribute ether to the pool for use in “DeFi farming”. In its first day of existence, yETH has raised over 233,000 ETH. Now these coins are used to issue the DAI stablecoin and subsequently in other DeFi protocols..
Wall admits that the popularity of yearn.finance in the future could lead to a situation where yETH pools contain enough Ether to launch a Proof-of-Stake attack on the Ethereum network. According to him, the organizers of the pool can vote on a strategy with ulterior motives to cause maximum damage, even if they cannot directly benefit from it..
Besides the fact that such a vote should receive the support of yearn.finance participants, Buterin says the attack will not be “fatal” even if someone succeeds in carrying it out. A potential attacker can only attack the network using coins from the yETH pool once..
“Then their share of ETH will be truncated, or (in the case of a censoring attack) split off using a soft fork. They will lose their coins, so they will not be able to attack again, “he wrote..
Buterin drew an analogy with cryptocurrencies based on the Proof-of-Work consensus, where the owner of the required amount of computing power can attack the network again and again, but it is impossible to restrict access to his equipment. Ethereum Classic has been attacked three times in the last month.
“This is an underestimated key, fundamental advantage of PoS over PoW,” he added..
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