ETH Easy To Hack

Congratulations to Ethereum for switching from proof of work to proof of stake.

Since they stopped competing on proof of work network security, they made sure that they will never be able to win against Bitcoin in that competition. And since proof of work is the basis for security, they made sure that their project is even more Easy To Hack.

Bitcoin has never been hacked in its history. It is the safest way to run a ledger. Ledgers are important parts of carbon trading tools. If you need to rely on having immutable records to stop global warming and start global cooling, the last thing you want is to base your system on a layer that is Easy To Hack.

Robust accounting is only one part of the story. As the recent White House report on crypto and global warming showed in part 4, there are still more open questions than answers on the problem of how Bitcoin can actually help. But one thing is clear.

These are existentially important matters. And solid accounting is necessary for a solution. The Paris Agreement acknowledges this in its Article 6, which calls for

“robust accounting to ensure, inter alia, the avoidance of double counting,”

Climate cooperation has a double-counting problem. Bitcoin proof of work is the solution to the double-spending problem. It enables more robust accounting than anything else in human history. Bitcoin is definitely not Easy To Hack.

Maybe it will not be enough to solve the problem of global warming on its own, just as proof of work as invented by Adam Back was not yet Bitcoin’s consensus mechanism.

But it may very well be an important building block in such a solution.

Published by kflenz

Professor at Aoyama Gakuin University, Tokyo. Author of Lenz Blog (since 2003, lenzblog.com).

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