Amid Ethereum community discord, Ethereum Co-founder, Vitalik Buterin defends the shift from Proof-of-Work (PoW) to Proof-of-Stake (PoS). His response was sparked by entrepreneur Amanda Cassatt’s post.
While increasing internal discord within the Ethereum community, Vitalik Buterin, co-founder of the protocol, has provided some justifications for supporting the network’s transition from the Proof-of-Work (PoW) consensus mechanism to the Proof-of-Stake (PoS) mechanism. More precisely, his reply directly responded to an X post by Amanda Cassatt, an American entrepreneur.
Cassatt asserted that many Ethereum community members expressed private discontent regarding the transition to PoS. She recanted the statement that certain community members wished Ethereum had maintained the PoW consensus algorithm.
To bolster the arguments favoring the transition to Proof of Stake (PoS), one X user candidly posed a query that implied the PoS transfer represents the optimal course of action for the Ethereum network.
Why would anyone want Proof of Work if they wanted the best for Ethereum?” the X user asked “They realize the network needed to ditch that “energy guzzling casino” brand, right?”However, only some individuals discuss that the PoW algorithm is centralized, which Buterin emphasized upon joining the discussion. This indicates that the PoS transition also sought to decentralize the network. Before PoS, the Ethereum co-founder stated unequivocally that PoW was merely a transitional period, and many entities were cognizant of this stance.
Bitcoin, the preeminent cryptocurrency in market capitalization, operates on the Proof-of-Work (PoW) consensus algorithm. It has achieved noteworthy progress throughout its existence, surpassing $73,000 at its all-time high (ATH).
Although the Ethereum community may still need to fully embrace the network’s transition to Proof of Stake (PoS), the core developers maintain that this novel mechanism possesses the necessary capabilities to deliver the blockchain’s most optimized performance enhancement.
Howevererin also addressed the need for more diligence, which accompanied discussions concerning Application-Specific Integrated Circuits. The Ethereum pioneer ascribed this to specific apprehensions regarding the potential need for more motivation to develop the PoS.
To provide appropriate context for the ongoing discussions, Ethereum underwent the “The Merge” transition over a year ago.
The mainnet (execution layer) and the Beacon Chain (consensus layer) merged during this occurrence, resulting in the transition of Ethereum from a Proof of Work (PoW) model to a Proof of Stake (PoS) model. Furthermore, this meant that Ethereum was compelled to eliminate its miners, as the Proof of Stake (PoS) mechanism mandated validators to add entries to the blockchain for a fixed staking amount of ETH.
The transition is associated with several advantages, one of which is that The Merge is projected to decrease Ethereum’s energy consumption by 99.95%. Buterin stated at one of the Ethereum Community Conferences that the long-awaited consolidation could accomplish approximately 55% of Ethereum’s growth strategy.
