- Nick Payton, editor of Swan Bitcoin, commented on PoS
- Ethereum plans to shift from an upgrade to proof-of-stake
- This will increase the speed of transactions on the blockchain
Vitalik Buterin, the co-founder of Ethereum, one of the leading blockchains, has rubbished criticism of the proof-of-stake (PoS) mechanism as completely false. He said that some people who support the proof-of-work (PoW) mechanism keep giving false information about PoS.
Nick Payton, editor of Swan Bitcoin, gave his opinion about PoS. Payton tweeted, “People associated with Proof of Stake can vote for changes to its features and this suggests that this is a security issue for such blockchain networks.” In response, Buterin said that some supporters of PoW often lie about PoS such as voting on protocol parameters. “In PoS and PoW the nodes exclude invalid blocks. It is not difficult,” he said.
For crypto mining in PoW, miners use computing power to solve complex mathematical equations. Bitcoin And Ethereum keeps its networks secure as well as validating transactions in this way. However, Ethereum is preparing to shift to proof-of-stake through an upgrade called ‘Merge’. This upgrade recently completed a trial on the public test network Sepolia. With this, the developers of Ethereum are expected to launch the upgrade soon. It’s already too late for this project. The Sepolia testnet will be monitored for the next few days. “Sepolia will be the second of three public testnets for Merge,” the developers of Ethereum explained in a blog post. These tests will help developers understand how the network will perform after the upgrade. The upgrades to Ethereum are undergoing rigorous testing as more than $100 billion of decentralized finance (DeFi) apps are supported on this blockchain.
This upgrade Investors of crypto derivative tokens called stETH may also get relief. Developers are recoding Ethereum’s mining protocol from its current ‘Proof of Work’ (PoW) model to ‘Proof of Stake’ (PoS). This upgrade is expected to reduce Ethereum’s electricity consumption by up to 99 percent. Ethereum miners have to use large server farms to order transactions on the blockchain, which consumes more electricity.