Ethereum Accelerates Switch to PoS Amid Miner Rise

Ethereum developers plan to accelerate the transition to Proof-of-Stake amid threats from miners to go on strike.

elevenIn March, developer Mikhail Kalinin published specifications for the merger of Eth2 with the current Ethereum network. The document states that the main change will be the transition from PoW to PoS.

The developers are in a hurry to complete the transition asthe tension between the miners and the team is growing. With the transition to Proof-of-Stake, miners will lose most of their profits. Developers, on the other hand, are interested in lowering the cost of commissions and reducing the load on the network.

It became known last week thatthe developers have planned to implement EIP-1559 for July this year. The proposal is aimed at reducing the cost of gas, while the profit of miners may fall by 50%.

Some miners reacted extremely negatively to the news. They plan to hold a “protest” to show developers that they can take over 51% of the power of the Ethereum blockchain if they want to.

Last month, Vitalik Buterin said that inin the event that miners begin to threaten with a 51% attack, the network will “move to PoS as soon as possible”. He said this week that the team's priority has shifted from implementing sharding to merging the old and new networks. Thus, Ethereum wants to reduce the potential impact of miner resistance.

Ethereum miner rebellion will likely force #ethereum 2.0 to happen even sooner than expected. This is a good thing.

- Lark Davis (@TheCryptoLark) March 11, 2021

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Based on materialscointelegraph.com