“PoS is basically PoA”
Does that mean Ripple got it right from the start? 😅
Mindblowing proposal by the forum GOAT @jadler0 to remove staking from Celestia altogether to:
• Reduce issuance by 20x while maintaining the same security
• Establish a clear mechanism for token value accrual
• Eliminate the problems w/ LSTs like DeFi yield competition and validator monopolization
TL;DR - John proposes to cut out staking altogether and replace it with proof of governance, reduce protocol issuance to 0.25% and pay it directly to validators, and burn protocol fees to distribute REV to TIA token holders.
Sounds crazy on it surface, but makes sense once you rethink some thing that the industry takes for granted, such as:
• Staking/slashing doesn't contribute to economic security
• In the endgame, staking only pays validators for providing security, net issuance for stakers is zero
• Proof of stake (PoS) is already basically proof of authority (PoA)
Crazy. Revolutionary even. But it just might work
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