Is the Ethereum POS pledge proposal proposed by V God reasonable?
Author | Qin Xiaofeng
Editor | Lu Xiaoming
Author | Qin Xiaofeng
Editor | Lu XiaomingIn order to ensure the normal operation and security of the blockchain network, Ethereum will reward miners (pledgers).）。
In the PoW (Proof of Work) stage, the rewards given to miners by Ethereum mainly consist of mining block rewards and transaction fees; in the POS (Proof of Stake) stage, rewards are mainly given to pledgers: Ethereum users only need to You can become a pledger by staking 32 (that is, 2^5) ETH, and get rewards after completing tasks (recommended readingVitalik Buterin"The Rise of PoS Mechanism"GithubPosted their proposal on .
(V god proposal)
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(V god proposal)
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(Ethereum’s previous proposal)
(Ethereum’s previous proposal)
secondary titleInflation is at the core
Probably the biggest reason is to want to control the inflation rate of ETH.Ethereum FoundationEthereum Foundation
According to the plan in 2014, the inflation rate of Ethereum in the first year was 22.4%; in the 64th year, the inflation rate dropped to 1.0%.
The left axis is ETH issuance (dark green curve); the right axis is inflation rate (light green curve); the year on the horizontal axis
We put the two proposals into one table, and we can find the clues. In the old proposal, the inflation rate of Ethereum was controlled below 1%, which is an absolutely ideal state; the inflation rate of the new proposal is kept below 2% (up to 1.98%).
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(comparison table, Odaily drawing)
(Odaily Note: When calculating the inflation rate, the total amount of ETH is the current value of 105,776,856. In fact, the total amount will increase in the future, which means that the final inflation rate is lower than what we calculated, but the decline is limited.)
"The old proposal hopes that the inflation rate will be within 1%. In other words, except for some lost coins, Ethereum basically has no inflation." Hu Jingyu, an Ethereum researcher, told Odaily, comparing the Ethereum inflation rate with the real world Compared with economic development, 2% inflation rate is the healthiest. "The inflation rate is very low, that is, the total amount is basically maintained every year, and the price of Ethereum can be relatively strong."
Since ETH is still in the state of additional issuance, Vitalik’s proposal sets a specific number of pledges, not a pledge ratio. Is the setting of the inflation rate reasonable?
Qiu Xiaodong of Xinghuo Mining Pool believes that whether the pledge should consider setting a ratio needs to be considered at different levels. "From the perspective of network security and verifiers, it is better to have a specific number of pledge thresholds, which are more specific and will not change frequently; but from the perspective of network token issuance, it is more meaningful The indicator is the increase rate, and this increase rate will of course also change with the changes in the pledge rate of the entire network.”
Grace Yu, head of Cobo PoS ecological research, said, "V God just simulated how many additional issuances and annualized returns will be generated by different pledge amounts, and took a more reasonable number. It is not particularly important whether this number is the number of pledges or the ratio of staking (deposit pledge) Yes, because the decisive factor of this figure is the rationality of additional issuance and rate of return.”
Grace Yu added that the setting of the inflation rate is an economic issue and is related to the economic system. "Usually in an economic system, inflation below 6% is helpful for economic growth and recovery. But inflation above 10% has been shown to be negative for the economic system."
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Increase staking rewardsEric ConnerIn addition to the inflation rate, the new proposal also involves an increase in staking rewards.ConnerAccording to Ethhub founder
According to calculations, the current ETH 2.0 validator runs a beacon node (beacon node), the annual operating cost is $120, and each additional validator increases by $60.
Even in a bear market, validators still have an incentive to run beacon nodes, said.
It’s just that compared with the highest annual interest rate of 8.02% in the old proposal, the new proposal can reach up to 18.1%, which will undoubtedly encourage users to pledge more, so as to ensure the normal circulation and security of the network.
"The highest reward of 18.1% is not bad. As a public chain project with a market value of 100 billion, Ethereum has hundreds of thousands of developers. The attention and market stock are unmatched by other public chains." Qiu Xiaodong said, the interest rate It will be an important factor for them to consider participating in the pledge, but they will also consider issues such as security and decentralization after the POS goes online. "As a technology-driven company, we are concerned about the specific implementation of the future Ethereum POS mechanism and the security of the public chain. We hope that the pledged tokens and circulation tokens in the ecology will be controlled at a reasonable ratio, so that the ecology There are more and more participants, and the entire ecology is getting more and more prosperous.”
“In this case (with 30 million ETH pledged), the inflation rate is about 1%, and the pledge yield is about 3.3%. (The system) feels very healthy.”
but,Eric ConnerLike Justin Drake, Grace Yu is also positive about V God's proposal. "This is reasonable. In a stable economy, 3200W of ETH pledged (plus handling fees) with an annualized interest rate of 3% is a steadily growing number."
but,
