PoS 中心化问题

0/As regulation of #ProofOfStake networks continues evolving, albeit slowly and somewhat painfully, in the US and from my validator advisory work with some of the top staking networks, one contrast continues surfacing in my consciousness.

1/The contrast is between the regulators’ view that “sufficient” decentralization must exist to avoid a staking token from being classified as a security…while simultaneously,

2/…making it difficult for the network to achieve decentralization, because of the restrictions on how validators can be allocated tokens. Because…

3/ …current allocation restrictions tend to favor large, well capitalized validator investors. This results in stake centralization among these validator investors when the network launches. And…

4/…due to current staking economics, these investor validators become harder and harder to unseat, as their initial advantage compounds, in turn centralizing stake even more.

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