April 1, 2023

Vitalik Buterin: “All cryptocurrencies should switch to PoS”

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Vitalik Buterin: “All cryptocurrencies should switch to PoS”

Ethereum co-founder Vitalik Buterin took part in the Mainnet 2022 conference. He noted that the transition to the Proof-of-Stake (PoS) algorithm would be useful for any Proof-of-Work (PoW) cryptocurrency.

Buterin noted that in the cryptocurrency industryhe was led by the concept of Bitcoin. He fell in love with this technology, which is why Ethereum was built on the PoW algorithm. However, later the developers of the second cryptocurrency realized the benefits of switching to PoS.

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

He noted that the second cryptocurrency does not haveopportunities for anonymizing 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 opportunities, it would make the second cryptocurrency even stronger.

Beiko hopes to see such solutions, withFor this, according to him, it is necessary to anonymize transactions 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.

Earlier, the Ethereum co-founder said that layer 3 solutions only make sense if they provide different functionality than layer 2 protocols.