Jack Dorsey, the CEO of Twitter, has revealed his opinion regarding the level of security and decentralization of proof of stake (PoS)-powered cryptocurrencies, such as Cardano (ADA).
This came about after Nic Carter shared an Intelligencer article titled “Jack Dorsey Says Bitcoin Is Climate Friendly. Is He Right?” and praised Jen Wieczner for writing such a thoughtful and incredibly fair article.
The article is exclusively about Jack Dorsey’s tweet regarding the fact that Bitcoin incentivizes renewable energy, which was described in the article as a counterintuitive and provocative assertion against the critics of cryptocurrency and environmental advocates, who are of the opinion that Bitcoin is bad for the environment.
Jack Dorsey Says PoS-Powered Cryptocurrencies Are Centralized and Unsecure
As an agreement to Nic Carter’s take on the article, Jack Dorsey retweeted the post with an emoji that indicates total agreement.
Afterward, a user identified on Twitter as Hasan weighed in with a question thrown at Jack about the considerably lower energy consumption of cryptocurrencies that are powered by proof of stake (PoS) consensus algorithm, compared to cryptocurrencies powered by proof of work (PoW) protocol, such as Bitcoin.
Hasan tweeted, “Jack Dorsey thoughts on PoS energy consumption being ~99.9+% lower than PoW?”
— Hassan🧬 (@HassanAesthetic) May 20, 2021
In response to the user’s question, the Twitter CEO showcased that he has no faith in PoS powered cryptocurrencies, such as Cardano (ADA), in terms of security and decentralization.
“less security, more centralization,” Jack Dorsey responded.
less security, more centralization
— jack (@jack) May 20, 2021
Charles Hoskinson and Emin Gün Sirer beg To Differ
Charles Hoskinson, the creator of Cardano (ADA) and Emin Gün Sirer, the founder and CEO of Ava Labs, reacted with total disagreement to Jack Dorsey’s opinion about the PoS consensus algorithm.
Anyone could expect Hoskinson to react that way since Cardano is powered by proof of stake and claimed to be 1.6 million times more energy-efficient than Bitcoin (BTC).
In response to Jack Dorsey’s assertion, Charles Hoskinson wrote, “That’s just not true Jack. Happy to have a chat about why.”
That's just not true Jack. Happy to have a chat about why
— Charles Hoskinson (@IOHK_Charles) May 20, 2021
Emin Gün Sirer also said, “No Jack, this is dated. Technology has improved to the point where PoS-based protocols offer even better decentralization and require higher costs to attack. Happy to chat about why and how.”
It can be recalled that Bitcoin and some other cryptocurrencies started to nosedive in terms of price after Elon Musk criticized Bitcoin’s carbon footprint. But it was noticed that Cardano (ADA), a PoS-powered cryptocurrency, remained resilient for a number of days. The digital token even attained new highs while others were losing in billions.
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