Vitalik Buterin: “All cryptocurrencies should switch to PoS”

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Ethereum co-founder VitalikButerin took part in the Mainnet 2022 conference. He noted that the transition to the Proof-of-Stake (PoS) will be useful for any cryptocurrency based on Proof-of-Work (PoW).

Buterin noted that in the cryptocurrencyIt was the concept of Bitcoin that brought it to the industry. He fell in love with this technology, which is why Ethereum was built on the PoW algorithm. However, subsequently the developers of the second cryptocurrency realized the benefits of switching to PoS.

“I would say that all cryptocurrencies shouldswitch to PoS. This technology is becoming more mature, and the transition is becoming more and more justified. I hope that Zcash and Dogecoin will switch to PoS soon enough,” Buterin said.

He noted that the second cryptocurrency does not havecapabilities to anonymize transactions, and they are unlikely to appear in the next five years. One of the leading developers of Ethereum, Tim Beiko, said that if the project had such capabilities, it would make the second cryptocurrency even stronger. 

Beiko hopes that he will see such solutions, withIn this case, according to him, it is necessary to anonymize transactions precisely at the first level of the blockchain. Buterin is confident that over the next 18 months Ethereum will become much more scalable, which will significantly reduce transaction fees. 

Previously, the co-founder of Ethereum said that third-layer solutions only make sense if they provide functions that are different from those provided by second-layer protocols.