Vitalik and Armstrong discuss the ETH PoS change as the Merge approaches, as both of them think that their support for the change from PoW to PoS is a consequence of a gradual shift in viewpoint and good community actions.
As you know Vitalik Buterin is the co-founder of Ethereum, while Brian Armstrong is from Coinbase.
PoS Was A Questionable Method Once
On the Around the Block podcast, the two were joined by Coinbase procedure expert Viktor Bunin for an in-depth discussion of The Merge, which is set to take place in mid-September 2022. Vitalik and Armstrong discuss the ETH PoS change on the podcast.
Buterin reflected on his previous experience investigating proof-of-stake as a possible consensus system for the Ethereum blockchain, which was first viewed with suspicion due to multiple unresolved flaws that appeared to make it unprofitable.
According to the Ethereum co-founder, one of the project’s early blog posts from 2014 offered an algorithm called slasher, which introduced the concept that a node would be penalised for voting for activities that were incompatible with one another:
“This was my effort to answer the “nothing-at-stake” issue, as described by detractors of proof-of-stake. In a proof-of-work system, you have to perform twice as much work to build on top of two blocks, but in a proof-of-stake system, you may just sign as many documents as you like.”
Buterin believed that adding an obvious consequence for signing actions that contradict each other would be a feasible approach. Throughout 2014, the research looked at the security assumptions that Ethereum would need to rely on using PoS and if PoS may be safer than PoW by requiring slicing penalties to reduce staked deposits rather than offering incentives.
PoS Vs. PoW
PoS is a consensus approach that differs from the traditional proof-of-work methodology. The Ethereum mainnet has depended on proof of work from its creation, supporting more established blockchains such as Bitcoin.
Extractors perform the “work” in proof of work by using their computing capability to validate transactions and add blocks to the blockchain as part of mining. Although some who favor it believe it is the most trustworthy approach, the technique is harmful to the ecosystem, which is one of the main reasons Ethereum shifted to proof of stake. After all, proof of stake works in a somewhat different way.
Once Ethereum achieves proof of stake, the system will rely on verified institutions known as validators to validate transactions, thereby ending extraction on the network.
Buterin responded on the Ethereum Foundation tweet while sharing it:
“Heads up: Even though the merge is coming around Sep. 10-20, the Beacon Chain hard fork is on Sep. 6.” Before then, be sure to inform your clients!”
Buterin has stated that the merger will not happen quickly. The Bellatrix upgrade on the Beacon Chain will set things off, and the merging will most likely take place on September 15 after roughly a week.
This is owing to how intricate and difficult the merger is: Ethereum’s existing proof-of-work consensus method will be replaced by proof of stake. The Beacon Chain, the Ethereum proof-of-stake chain, and the Ethereum mainnet, or the major public system used by everyone, coexist at the moment. However, when the two coins unite, Ethereum will be fully PoS.
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