On November 25, 2019, Chia network’s current Chief Executive Office, Bram Cohen, known for creating BitTorrent responded to some of the opinions by Vitalik Buterin in a recent analysis dubbed “hard problems in cryptocurrency.”
In his post, Buterin elaborates on different aspects, plans, and issues that are or might start affecting the cryptocurrency industry, and especially Ethereum.
However, after reading that blog post, Cohen took it to Twitter and called Vitalik Buterin to be “wrong-headed.’’
Cohen, immediately claimed that he feels Vitalik’s perspective regarding cryptocurrency is not correct.
Furthermore, Cohen began a 28-tweets-long thread in which he addressed Buterin’s claims, point by point.
It seems that while Buterin seems to be generally concerned about difficult issues in the crypto space — such as scalability, Arbitrary Proof of Computation, Code Obfuscation, Hash-Based Cryptography, and more. However, not everyone agrees on his proposed solutions.
Bram Cohen stood up against Buterin’s claims, basically dismissing most of them or pointing out that some solutions are not even worth considering right now for several reasons.
To begin with, in the part of his analysis where he talks about Blockchain Scalability, Buterin mentions on-chain scaling with sharding as the only option worth considering.
Cohen strongly disagrees, stating that payment channel networks are a much better way to go about it, and are becoming ‘a real thing.’
When it came to Buterin’s views on Arbitrary Proof of Computation, Cohen commented that there is ‘a lot of very exciting stuff going on.’
However, he noted that he would not dare to look into it seriously for at least a few more years. He does have high hopes for the idea, though he believes it to be underdeveloped at this point.
There are also points that Buterin made that Cohen sees as redundant. Code Obfuscation is one such segment, where the Ethereum Co-Founder hopes for further progress, while Cohen believes that ‘’ZK techniques’’ already accomplish pretty much all use cases in practice.
The Ethereum Co-Founder hit close to home for Ethereum by commenting that proof of stake (PoS) ‘continues to be a bad idea.’ Vitalik’s perspective of the ASIC-resistant PoW suggests that these algorithms come with a minimal life span. They also make the notorious 51% attacks relatively cheaper, according to Vitalik.
Cohen seems to agree with Vitalik’s words regarding the downsides of ACIS-PoW. In addition, Cohen called PoW a terrible idea and an actual pipe dream.
According to Cohen, it will be better for the creators of cryptocurrencies like Vitalik Buterin to incorporate ASIC-friendly algorithms in their networks.