As a researcher, I have closely followed the development of Ethereum since its inception and have observed the ongoing debate around the switch from proof-of-work (PoW) to proof-of-stake (PoS) consensus. While some community members express regret over the transition, I believe that Ethereum’s shift to PoS was a necessary step for the network’s long-term vision and growth.
Vitalik Buterin addressed concerns from some Ethereum community members over the transition from the previous proof-of-work system to a proof-of-stake consensus mechanism.
Amanda Cassatt, the founder and CEO of Serotonin, a web3 marketing studio, shared on Twitter that some Ethereum (ETH) advocates expressed disappointment with the current condition of the network. Cassatt clarified that these sentiments were not a reflection of her own opinions and represented conversations she had been party to.
The crypto founder also listed reasons opinionated by some community members.
It’s intriguing to observe many Ethereum community members quietly voicing their preference for Ethereum having kept with Proof of Work (PoW) rather than shifting to Proof of Stake (PoS).
Amanda Cassatt, Serotonin Founder and CEO
Additionally, being tethered to reality, the cost of energy required to operate the mining process is incorporated into the functioning of the network.
— amanda.eth (@amandacassatt) April 26, 2024
Vitalik Buterin, one of Ethereum’s co-founders, joined the discussion and pointed out that the proof of work (PoW) system had drawbacks which were not in line with Ethereum’s future goals.
In simpler terms, Proof of Work (PoW) had a high degree of centralization, although this wasn’t widely discussed due to the general understanding that it was just a transitional phase before Proof of Stake (PoS) took over. Additionally, the prospect of PoS meant there was little incentive to develop Application-Specific Integrated Circuits (ASICs), which might have contributed to their avoidance during this period.
— vitalik.eth (@VitalikButerin) April 26, 2024
As a crypto investor, I’ve witnessed Ethereum’s journey since its inception in July 2015. Initially, it employed a Proof of Work (PoW) consensus mechanism much like Bitcoin. In this setup, I, as a miner, played a pivotal role by securing the network and releasing new Ether tokens into circulation through mining activities.
I underwent a significant transformation following “The Merge” in September 2022. During this process, I transitioned from a proof-of-work (PoW) to a proof-of-stake (PoS) infrastructure. Miners were replaced with stakers in this extensive technological makeover that I underwent.
Because of the shift towards Proof of Stake (PoS) in Ethereum, opinions among supporters were polarized. Some criticized this change as going against ETH‘s core identity, while a faction, spearheaded by Chinese miner Chandler Guo, actively worked to preserve an older PoW version of Ethereum.
The core team of the initiative disbanded, aiming for full independence, yet the project faced difficulty gaining momentum. As of the 26th of April, ETHW’s native cryptocurrency was being traded below $4 according to CoinMarketCap.
Ethereum’s main Proof-of-Stake chain has experienced a significant surge in validator numbers and staking requests. According to Crypto.news, over a quarter of Ether in circulation is currently secured within the network and is being used by participants to earn rewards.
Vitalik Buterin has put forth several suggestions for making staking on Ethereum more decentralized and streamlining its Proof of Stake (PoS) mechanism.
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2024-04-26 18:16