October 30, 2020

Emin Gün Sirer on the Steem Takeover, Limitations of Current Consensus Models, and Avalanche



I had the pleasure of speaking with Emin Gün Sirer, AVALabs CEO, on the recent attempted takeover of the Steem network by Justin Sun of Tron, and its implications for the viability of security models such as delegated proof-of-stake (which Steem uses), regular proof-of-stake, and proof-of work. We go into a deep dive discussion on consensus mechanisms, how to maintain optimal decentralization, the best number of consensus participants, and some efficiency problems from older systems. We go over Avalanche, which promises a much faster, more efficient way to reach consensus, and how it can potentially revolutionize the way existing security models obtain consensus and operate efficiently.

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