Home>BLOCKCHAIN>Ethereum May Be Switching From Proof-Of-Work to Proof-Of-Stake in August

Ethereum May Be Switching From Proof-Of-Work to Proof-Of-Stake in August


Ethereum May Be Switching From Proof-Of-Work to Proof-Of-Stake

Ethereum, like Bitcoin, uses Proof-of-Work (PoW) on its system. Ethereum, which made known its intention to shift from a PoW to PoS (Proof-of-Stake) network for more than a year, is now going about finalizing this process. Shifting to PoS will likely help solidify Ethereum’s stance as a leader in the crypto space. With plans and preparation going on for more than a year, it is expected that this transition process, called The Merge, will likely be activated soon.

A major concern for every cryptocurrency network is the security and seamless running of its consensus mechanism. However, Proof-of-Work doesn’t offer this flawlessly. There have been numerous complaints from users and observers about its high energy consumption and its adverse impacts on environmental pollution. This issue, coupled with the fact that PoS allows token holders to earn passive income by staking part or all of their coins, is making PoS more popular among cryptocurrency networks. The results of this is that PoW is being gradually phased out.

At the Permissionless conference hosted last week, one of Ethereum’s core developers, Preston Van Loon, revealed to attendees that if things go as planned, The Merge will likely occur in August. While addressing about 5,000 people at the conference, Van Loon discussed some of his team’s plans. He explained that the team wants to complete the transition before the anticipated “difficulty bomb.”

The difficulty bomb is a code that Ethereum has integrated into its blockchain to reduce network speed and drag all PoW activities. This will deter crypto miners from using the PoW system and ensure a smooth and complete transition to the Proof-of-Stake mechanism.

Backing up this announcement from Ethereum is Justin Drake, an Ethereum researcher who believes that “The Merge” will happen sooner than expected. In Drake’s claim, he reiterated that the only feasible measure to maneuver the difficulty bomb already integrated by Ethereum is to complete “The Merge” before the effects of the difficulty bomb in August.

Once The Merge is completed in August, Ethereum will have completed some of its established roadmaps. Tim Beiko, another Ethereum developer, announced in April that The Merge might be delayed. However, he urged developers to hasten their operations. If not, Ethereum might have to find another measure to defer the difficulty bomb.

Featured Image: DepositPhotos © sadsadang

If You Liked This Article Click To Share


Source link

Review Overview


Leave a Reply

Your email address will not be published. Required fields are marked *