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Ethereum’s PoW Protocol to Change for Good. What Are the Implications?

Ethereum

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For years, the developers of the Ethereum blockchain have been talking about transitioning the cryptocurrency’s protocol from the so-called Proof of Work (PoW) to Proof of Stake (PoS). However, the idea, pushed by its own director Vitalik Buterin, has never been able to materialize. The current contingency that cryptos are experiencing in the world seems the perfect time to renew the second most successful cryptocurrency after bitcoin.

One of Ethereum’s developers, Tim Beiko, confirmed that the blockchain network’s team is anticipating the protocol transition for the tentative date of September 19. Another Ethereum developer, sperihiz.eth, posted on his Twitter account a guide to continue the transition.

According to Ethereum developers, the transition to a PoS protocol would reduce the power consumption of the cryptocurrency network by 99%.

The cryptocurrency community has long been a heated debate between proponents of both protocols. Proponents of PoS argue that the protocol is much more efficient than PoW, as it consumes considerably less energy, a recurring criticism that has been leveled at cryptocurrencies such as Bitcoin, whose mining network equals the consumption of an entire country.

Promoters of PoW, including Twitter founder Jack Dorsey, argue that their protocol is much more secure, because, unlike PoS, decision-making is entirely decentralized.

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The creator of ethereum has been a vocal advocate of the PoS protocol. He has dismissed criticisms of the lack of security, and has gone so far as to suggest that these accusations are more unfounded than grounded in reality.

However, a recent study by digital security firm HOPR raised serious doubts about the digital security of PoS by claiming that several cryptos using this protocol have exposed sensitive user information, such as their IP address, in the transaction validation process.

According to ethereum developers, the transition to a PoS protocol would reduce power consumption by the cryptocurrency network by 99%.

Economist, writer and liberal. With a focus on finance, the war on drugs, history, and geopolitics // Economista, escritor y liberal. Con enfoque en finanzas, guerra contra las drogas, historia y geopolítica

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