Transition to the Proof-of-Stake mechanism: An important stage in the development of Ethereum
Date: 2024-04-29 Author: Henry Casey Categories: BLOCKCHAIN
Vitalik Buterin, co-founder of Ethereum, emphasized the need to switch to the Proof-of-Stake (PoS) consensus mechanism, calling the current Proof-of-Work (PoW) algorithm only a temporary stage. He expressed concerns about the high degree of centralization of PoW and supported his words with a diagram demonstrating the limited support of the network by a few large pools.
The Path to Decentralization: From Proof-of-Work to Proof-of-Stake
Buterin expressed the view that PoW was a temporary solution prior to the transition to PoS. This transition, according to him, is a logical and justified step. Following the successful upgrade of The Merge in September 2022, network energy consumption was reduced by 99.5%, confirming the effectiveness of PoS.
On March 13, 2024, the Dencun update was launched on the Ethereum main network. This move aims to increase blockchain throughput and reduce gas fees, demonstrating a commitment to further development and improvement of the platform.
