Ethereum co-founder Vitalik Buterin responded to comments about Ethereum’s shift from a proof-of-work (PoS) consensus system to a proof-of-stake (PoS).
The user famous On social media platform X, numerous Ethereum community members wanted the network to stay on PoW instead of PoS. This sentiment received backlash from the man who first proposed the creation of Ethereum in 2013 at the age of 19.
Buterin responded, “PoW is also quite centralized.” “Before PoS, not much was said about it because everyone knew it was only a temporary phase. And how we mostly avoided ASICs because the upcoming PoS transition meant no incentive to build ASICs. It doesn’t even work.”
Buterin includes a pie chart of Ethereum PoW mining pools, showing that the currently closed SparkPool is comprised of 33%, followed by Ethermine in second place with 21%, and F2Pool in third place with 11%.
PoW secures a distributed ledger by requiring miners to solve complex and energy-intensive mathematical problems to verify nodes and add blocks to the network, while PoS systems use tokens staked on validator nodes to make transactions. Authenticate.
As previously reported by The Block, Ethereum will transition to a PoS consensus system known as The Merge in September 2022, reducing Ethereum’s energy consumption by 99.5%.
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About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.