I just published “Feedback Loop vs. Circular Reasoning”https://medium.com/@hugonguyen/feedback-loop-vs-circular-reasoning-1544ae7fd457 …
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If an attacker manages to control just ONE threshold group (by controlling more than the threshold percentage per group), he can halt the magical “random beacon”, effectively freezing the chain.
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Furthermore, even if a PoS protocol manages to generate internal randomness, it might still be insufficient for chain security, because PoS focuses on only the superficial role of randomness. (As you mentioned, there's no "value" moved into the system.)https://twitter.com/hugohanoi/status/1040494231528173568 …
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(Not that I think PoS can actually generate internal randomness.)
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Put another way: external source of randomness via Proof-of-Work is probably the only way to securely inject randomness into a public & distributed blockchain.
End of conversation
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