After more than one year, what do you think of ETH changing from POW to POS?

Yudhisthir

full member

Activity: 1055

Merit: 103

www.Artemis.co

Quote from: j1792 on August 20, 2023, 10:40:49 PM

Do you think POS will weaken decentralization?

Does switching from POW to POS significantly reduce gas costs? And significantly improve TPS?

Why do you think ETHW failed?

If there is a new coin that tries to re-provide POW ETH, will you buy it?

I found several POW-based ETH altcoins released recently, do you think these altcoins have a future?

Bitnet:
https://bitcointalksearch.org/topic/ann-ethash-pow-bitnet-peer-to-peer-programmable-money-network-5459763

RETH:
https://bitcointalksearch.org/topic/annpow-rethereum-the-ethereum-proof-of-work-restart-project-ethashb3-gpu-web3-5462043

I think POS is a better option and they should have moved to POS earlier. Everything that's going wrong with Ethereum is not associated with it's choice of algorithm but with the development paths taken and the pace of improvements.
I don't think a POW fork of ETH would work, ETH blockchain is already a congested one and the market won't sustain two forks of similar ETH. I don't have high hopes for ETH either. They were a pioneer but newer coins are more capable as utility tokens than ETH.

vv181

legendary

Activity: 1932

Merit: 1273

Quote from: j1792 on August 20, 2023, 10:40:49 PM

Do you think POS will weaken decentralization?

Absolutely. It has been proven as a defective mechanism for achieving decentralization.

Quote from: j1792 on August 20, 2023, 10:40:49 PM

Does switching from POW to POS significantly reduce gas costs? And significantly improve TPS?

No. In fact, it is the most known misconception about The Merge. Migrating from PoW to PoS did not reduce gas costs. It also does not improve the network scalability.

The Ethereum community itself has addressed those two misconceptions, you can take a look at https://ethereum.org/en/roadmap/merge/#misconceptions.

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Why do you think ETHW failed?

The same reason with why Ethereum Classic "failed". Most Ethereum users did not fully care about immutable decentralised network.

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If there is a new coin that tries to re-provide POW ETH, will you buy it?

I found several POW-based ETH altcoins released recently, do you think these altcoins have a future?

No. They will not garner interest if they merely rehashed things that already exists and do not give something new to the spaces.

@sriyan

member

Activity: 469

Merit: 13

Quote from: j1792 on August 20, 2023, 10:40:49 PM

Do you think POS will weaken decentralization?

Does switching from POW to POS significantly reduce gas costs? And significantly improve TPS?

Why do you think ETHW failed?

If there is a new coin that tries to re-provide POW ETH, will you buy it?

I found several POW-based ETH altcoins released recently, do you think these altcoins have a future?

Bitnet:
https://bitcointalksearch.org/topic/ann-ethash-pow-bitnet-peer-to-peer-programmable-money-network-5459763

RETH:
https://bitcointalksearch.org/topic/annpow-rethereum-the-ethereum-proof-of-work-restart-project-ethashb3-gpu-web3-5462043

I don't think POS will weaken the decentralization. It will add more features to the network like ETH staking, Governance, and more applications. Also, it will reduce the gas fees as well. If there is a new coin like POW ETH, I will not buy it.

FahriZah

member

Activity: 485

Merit: 10

I don,t know what will be happening after one year with ETH but we can expected after one year we can see the good market and we can see bull market if everything is fine than ETH changing the price decision like others crypto it’s really amazing and unbelievable thinking.

sesterceshop

member

Activity: 98

Merit: 10

shop.sesterce.com

Quote from: j1792 on August 20, 2023, 10:40:49 PM

Why do you think ETHW failed?

ETHW also had technical issues related to its ChainID that caused transactions to fail and render the network unusable. https://www.coindesk.com/tech/2022/09/16/ethereum-pow-network-sees-complaints-on-day-1-amid-data-goof-up/

_act_

legendary

Activity: 994

Merit: 1267

Lightning network is good with small amount of BTC

Quote from: j1792 on August 20, 2023, 10:40:49 PM

Do you think POS will weaken decentralization?

If you are talking about bitcoin and altcoins, there is nothing that will weaken decentralization. But if you are talking about altcoins, I do not know but there are people that prefer decentralization. If you are talking about if PoS is not decentralized, yes it is not.

Quote from: j1792 on August 20, 2023, 10:40:49 PM

Does switching from POW to POS significantly reduce gas costs? And significantly improve TPS?

No, it does not reduce fee at all.

Quote from: j1792 on August 20, 2023, 10:40:49 PM

Why do you think ETHW failed?

Because ether and ERC20 has gained ground already and influenced by their creator like Vitalik Buterin.

Quote from: j1792 on August 20, 2023, 10:40:49 PM

If there is a new coin that tries to re-provide POW ETH, will you buy it?

Bitcoin is PoW and has not changed, you can go for it.

Quote from: j1792 on August 20, 2023, 10:40:49 PM

I found several POW-based ETH altcoins released recently, do you think these altcoins have a future?

There were some that were successful in the past, there are some that are created now that will have future. But just that developers of today are lazy and only go for token instead of a coin.

Godday

sr. member

Activity: 1512

Merit: 397

dice9.win/ - Simple, fast and provably fair

Quote from: j1792 on August 20, 2023, 10:40:49 PM

If there is a new coin that tries to re-provide POW ETH, will you buy it?

I think what people need is about a cheap GAS Fee. I think a lot of people don't really care about PoS or PoW or about mining. For me personally ETH's ability to provide cheap GAS fees and reliable speed is the key to the future price of ETH.

mindrust

legendary

Activity: 3276

Merit: 2442

I don think anybody cares other than the miners… Pow or POS people only care about the prices and Eth isn’t doing bad there (compared with the other coins) so I think people aren’t mad. The markets in general isn’t in a good shape anyway. The miners also moved to the other projects so I don’t think they give a damn about eth anymore. Sometimes I think people make decentralization a bigger thing than it is. Most eth investors/traders don’t give a damn about it probably. It is different with bitcoin though. Bitcoin investors really care about decentralization.

j1792

newbie

Activity: 20

Merit: 1

Do you think POS will weaken decentralization?

Does switching from POW to POS significantly reduce gas costs? And significantly improve TPS?

Why do you think ETHW failed?

If there is a new coin that tries to re-provide POW ETH, will you buy it?

I found several POW-based ETH altcoins released recently, do you think these altcoins have a future?

Bitnet:
https://bitcointalksearch.org/topic/ann-ethash-pow-bitnet-peer-to-peer-programmable-money-network-5459763

RETH:
https://bitcointalksearch.org/topic/annpow-rethereum-the-ethereum-proof-of-work-restart-project-ethashb3-gpu-web3-5462043

Topic: After more than one year, what do you think of ETH changing from POW to POS? (Read 78 times)