The long-awaited Ethereum Merge took place last week. Merge appeared as only the first of many steps for Ethereum. With this development, the Ethereum network has moved from a proof-of-work (PoW) consensus algorithm to a proof-of-stake (PoS). Meanwhile, Vitalik Buterin, the inventor of the ETH network, talked about the possibility of other altcoins moving to proof-of-stake at the Mainnet 2022 conference. Especially from Zcash and Dogecoin. Here are the details…
Vitalik Buterin satisfied with PoS transition
At Messari’s Mainnet conference in New York, Ethereum founder Vitalik Buterin told Zooko Wilcox-O’Hearn, founder and CEO of Electric Coin Company, and Ryan Selkis, CEO of Messari, to say that something about Merge went awry. He said it’s still too early for that. “Merge actually went a lot more smoothly than anyone expected,” Buterin said. But it will take years, even more than a decade, before we know exactly how the details unfold. There are other measurements as well,” he said. Still, Buterin said that the technological transition is something that is widely celebrated within the Ethereum community. “The sky, which has been cloudy for almost a decade, feels like it’s finally cleared,” he said.
Its founder said that the next main focus area for Ethereum developers is to solve scalability issues. “Sharding is the next step that isn’t quite here now,” Buterin said. Koindeks.com As we’ve also reported, sharding is a form of horizontal scaling that introduces additional nodes to handle heavier workloads. This next step, called “Surge”, is planned as a series of events that will eventually allow the Ethereum network to process thousands or tens of thousands of processes per second from 30 processes per second in its current state.
Buterin said that the Ethereum layer 1 network will need sharding, as layers 2 can only process a reasonable number of processes for every kilobyte of information on the Ethereum chain. Therefore, upgrades to the layer-1 network, which increases the measure of information that can be stored, will also increase the scalability of layer-2s. “There are a lot of smart people working to approach the problem at multiple layers of a stack from different angles,” Buterin said.
What will be the future of PoW Blockchains?
The proof-of-stake network has valuable environmental benefits compared to the proof-of-work alternative. Buterin said that all crypto networks should eventually “switch” to a proof-of-stake technology. Buterin used the following terms:
As proof-of-stake matures, I expect it to become more legal. I hope Zcash moves to PoS. I am very hopeful that Dogecoin will also want to switch to PoS at some point. Especially when there is now a clear roadmap for how to do something like this.