Ethereum is working on proof of stake, which boils down to “I believe that this future is what really happened, and to guarantee so, here’s $1000 that you may destroy if it’s not true.”
“in PoW, we are working directly with the laws of physics. In PoS, we are able to design the protocol in such a way that it has the precise properties that we want—in short, we can optimize the laws of physics in our favor. The “hidden trapdoor” that gives us (3) is the change in the security model, specifically the introduction of weak subjectivity.”
No, you’ve hit the nail on the head. In fact it is a generally abstractable property that proof of stake reduces to proof of work under adversarial conditions as those with stake grind out possible recent block histories that lead to their own stakes being selected to select the next blocks.
Ethereum is working on proof of stake, which boils down to “I believe that this future is what really happened, and to guarantee so, here’s $1000 that you may destroy if it’s not true.”
https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ
Key quote for me:
“in PoW, we are working directly with the laws of physics. In PoS, we are able to design the protocol in such a way that it has the precise properties that we want—in short, we can optimize the laws of physics in our favor. The “hidden trapdoor” that gives us (3) is the change in the security model, specifically the introduction of weak subjectivity.”
Is a solution in which control of the network is secured through the same private keys that secure the stores of value an option?
No, you’ve hit the nail on the head. In fact it is a generally abstractable property that proof of stake reduces to proof of work under adversarial conditions as those with stake grind out possible recent block histories that lead to their own stakes being selected to select the next blocks.
https://download.wpsoftware.net/bitcoin/pos.pdf