f2pool co-founder says it is easier to process anonymous transactions on Proof of Work (PoW).
In a tweet on Wednesday, the co-founder of f2pool, in light of recent censorship debates, noted that it is easier for block producers to process anonymous transactions on PoW than on Proof-of-Stake (PoS).
“In the discussion about PoS and PoW under regulatory pressure in the past few days, there is one key point to pay attention to: Whether the block producer can remain anonymous and package some transactions that conform to the consensus on the chain (may contain some sensitive transactions). PoW can currently do it; PoS currently has certain difficulties because of the need to mortgage the assets on the chain,” the translated Chinese text read.
— DiscusFish (@bitfish1) August 17, 2022
In the past week, there have been several debates about the lack of censorship resistance in certain parts of the crypto space. The debates come as Circle, the issuers of the USDC stablecoin, moved to block all wallets associated with US-sanctioned Ethereum mixer Tornado Cash.
Notably, debates on how the Ethereum protocol could be censored following the Merge came up as a result. elyonverse X revealed on Sunday that 66% of Ethereum validators are susceptible to US regulatory pressure due to the platforms where they stake their coins.
However, several community members, including Ethereum founder Vitalik Buterin agree that coins of validators that agree to censor the Ethereum network should be burnt by social consensus. It is worth noting that the long-awaited migration of Ethereum from PoW to PoS is now less than a month away, with developers giving a tentative date of September 15.
While several community members are excited that it would provide a foundation for improved scalability and make the asset more deflationary, miners face possible obsoletion. Consequently, some miners have banded together to push for an Ethereum PoW hard fork.
Notably, today the team behind the hard fork urged users to take their ETHW tokens off Liquidity Providers before the hard fork. In addition, according to the ETHW Core, the team would be forced to freeze specific LP contracts to protect users from hackers.
ETHW Core recommends everyone withdraw their ETH from LPs (eg. DEX and lending protocol) before the hardfork and it will temporarily freeze certain LP contracts to protect users’ ETHW tokens after the hardfork. https://t.co/bS27A50Keb
— Wu Blockchain (@WuBlockchain) August 16, 2022
ETHPOW currently has the support of 6 exchanges. The initiative has reached significant milestones revealing on Friday that it has removed the difficulty bomb.