Ethereum Appears to Be Speeding its Transition to Proof-of-Stake

eth

Ethereum’s developers seem to be driving the move of the network to Proof-of-Stake consensus and away from the Proof-of-Work mining culture.

On March 11, developer “Mikhail Kalinin” published specifications for the future blockchain of Eth2 merge with the current Ethereum network. The documentation states that a consensus upgrade from PoS to PoW would be enforced.

The publishing of the specs comes as tensions between the miners and the developers of Ethereum escalate. Miners are likely to lose considerable revenue as a result of the move to proof-of-stake, while Ethereum’s developers are keen to improve Ethereum’s persistently high fees and congestion.

Cointelegraph announced the introduction of Ethereum Improved Proposal

Cointelegraph announced last week that the core developers of Ethereum had planned to introduce the Ethereum Improvement Proposal-1559 in July, which would replace the current Ethereuem fee market with a flat price and burn mechanism.

Although the proposal is expected to discipline Ethereum’s rising fees, 1559 could reduce mining revenues by as much as 50%. As such, some miners reacted to the news by organizing a “show of force,” urging Ethereum miners to redirect their hatching power to the Ethermine Mining Pool of 1559 for 51 hours on April 1.

The core developers seem, however, to have been prepared for the miner-backlash. Last month, Ethereum co-creator Vitalik Buterin said on Chinese social media (reposted by Wu Blockchain) that if miners risk a 51% assault, “we’ll all switch to PoS as soon as possible.”

Developers also combined the EIP-1559 with a delay in the July London update of the Complexity Bomb in order to make the hard fork less probable. And as Redditor Always Question pointed out in a Reddit post arguing that the Merge should be prioritized: “Having the Merge ready offers a fallback for the community should a mining cartel collide to neutralize the positive effects of EIP 1559.”

Earlier this week

Earlier this week, Buterin announced that the developers of Eth2 have prioritized the merge of the chain over the implementation of sharding, with his comments on Chinese social media indicating that concentrating on merging could be driven by a desire to reduce the possible impacts of resistance from miners.

Buterin also noted that second-layer scaling solutions will be launched in the coming months. Predicting that Optimism’s roll-ups would encourage an increase in transactional throughput by a factor of 100, Buterin argued that two-layer solutions would scale Ethereum to a sufficient degree before sharding was carried out.

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