July 22, 2024

What will be Ethereum 2.0? Changing ETH mining from PoW to PoS

What will be Ethereum 2.0? Changing ETH mining from PoW to PoS

Ethereum founder Vitalik Buterin tried to dispel community doubts regarding the long-termfuture platform, in particular shedding light on some details of the upcoming transition from the Proof-of-Work (PoW) algorithm to the Proof-of-Stake (PoS) and the final transition to Ethereum 2.0.

This question has become one of the most widelydiscussed at the Devcon5 conference in Osaka these days, but there weren’t any clear answers for a long time. Moreover, after Vitalik Buterin and Ethereum co-founder Joseph Lubin admitted that they knew about the problems with network scaling from the very beginning, they even began to receive accusations of intentionally selling a fraudulent scheme.

Among the issues of concern to the community are:to single out the immediate timelines for the transition of Ethereum 2.0, as well as the current state of the current network, after which Buterin tried to give an answer in his last post on ethresear.ch.

“Technically, the eth1 network will continue to exist, but it will not be of value. Over time, when the ice age of complexity sets in, it will die out. ”- he wrote.

The transition itself to Ethereum 2.0, he said, would take six hours, but actual implementation could take up to two years. During this time, the Ethereum Fundation will work on the implementation of phase 0-2. It starts with the introduction of the PoS algorithm, the ETH1 network at the same time will work as before, but the withdrawal of funds at this stage will be impossible.

For most users, the process iswill happen in the background, the difference will be that with each new transaction witness data will be added, which will allow them to be processed already in the ETH2 network.

“You will go to sleep, and when you wake up, the transition will be completed”Buterin claims.

Ethereum developers approved in Augustfinal details of the upcoming Istanbul hard fork. It is assumed that it will be activated in two stages. The first one will include six major upgrades and is expected to be activated in November.

The second phase should be implemented in the first quarter of 2020. It will include changes that still require refinement and testing, including the new ProgPoW mining algorithm.

At the same time, representatives of some projects fear that hard fork will lead to disruptions in the work of many decentralized applications (dApps).

In late September, Istanbul was activated in the Ropsten test network, however, it happened earlier than planned and led to the division of the network into two separate circuits.