Cryptology ePrint Archive: Report 2022/409

Proof-of-Stake Is a Defective Mechanism

Vicent Sus

Abstract: Proof-of-stake algorithms implemented as distributed consensus mechanisms in the base layer of blockchain networks are defective cryptosystems by nature. By trying to improve the energy efficiency of blockchains using proof-of-work in the consensus mechanism, proof-of-stake is introducing a set of significant new flaws in both monetary and governance models. Such systems are plutocratic, oligopolistic, and permissioned.

Category / Keywords: cryptocurrencies, blockchains, distributed consensus mechanisms, blockchain consensus, proof-of-stake

Date: received 30 Mar 2022, last revised 31 Mar 2022

Contact author: vicent at vicentsus org

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Version: 20220331:110609 (All versions of this report)

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