Ethereum's Update from PoW to PoS? | Bitcointalksearch.org

IShishkin

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Quote from: gideonpadang on February 22, 2022, 07:41:09 AM

Any thoughts what What will happen after the upgrade?

Ethereum will become another centralised network, similar to Visa and Mastercard, with potential to process thousands transactions per second.
You shouldn't worry about that since you won't notice any difference between all these services. Wink

Why are you curious about this question?

el kaka22

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I know one thing that is for sure and that is the transaction costs will not be crashing to cents in a very quick method. I believe that we may end up with something like 50% drop at the very best case if everything goes as well as according to the plans but that doesn't mean that we are going to end up with very low, whatever you pay 20-30 dollars right now will be 10-15 but that is still quite high if you consider all the other projects. However, it will still help the price because instead of people selling ETH, they will have a greater reason to buy more since they could end up buying that and then make a great profit from the returns.

There is a great feeling about holding something as awesome as ETH and then making money from it as well just for holding it. You are making passive income for holding but also the value of it increases as well, meaning even your passive income will grow as well.

lobo13hf

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I don't even think if ethereum will be 100% moved to the POS consensus. I doubt if this will happen soon with the change of philosophy by ethereum developers about ethereum 2. The developers have been removing ethereum 2 and change its philosophy to be the new ethereum that will be fully merged. The POS ethereum blockchain already exist in the market and you can visit ethereum beacon chain but ethereum developers didn't even like it.
The future of ethereum after the update may ethereum will have 2 kinds of executions on its blockchain caused by ethereum 2 will be fusions with the existing chain that has expensive fees.
Fully moving from POW to POS was not so good but people are prefer to seeing this caused by ethereum has no total supply that already determined. It's not also clear how much is it based on its old whitepaper.

passwordnow

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No more GPU mining reward, the main concern of the miners that are into it.

Quote from: Bitbtc8 on February 22, 2022, 10:43:00 PM

Vitalik buterin isn't thinking straight, the reason why Ethereum made it this far is because of its PoW algorithm If upgrades like scalability and cheaper gas fee is the issue I believe it will work with PoW too Ethereum abandoning PoW algorithm will be ETH biggest mistake.

You have a point of what you've said that they can still work on it while it's on PoW. As we're all assured that PoW is safe and they can just upgrade the scalability of it. But let's give it a chance and see if they're really going to make it happen and if there's a good result once it becomes a PoS.

danherbias07

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This may be a good read. And they offer other language options.
https://blog.ethereum.org/2022/01/24/the-great-eth2-renaming/
That's their recent update as it might take longer before Ethereum 2.0 comes out. It's just rebranding to avoid confusion about Eth1 and Eth2.
There's really nothing to do now but wait if it will be a successful one or not. The Ethereum value is still high so that means a lot of investors are expecting this to be a blast.

amishmanish

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The one thing that still distinguishes Ethereum from all the other wannabe shit out there is that it pioneered the smart-contract implementation at scale and was able to do with actual PoW. That gives it a lot of potential legitimacy in terms of actually being trustless.

The day it shifts to PoS, that distinction will be gone and it will be no different from Solana, BNB, AVAX, ATOM etc etc. This will also leave Bitcoin as the only realy PoW cryptocurrency that has been used and tested at transferring values worth billions of dollars.

Basically Ethereum will become just another one of the PoS L1s while Bitcoin will go up in value as it'll be the only PoW, trustless cryptocurrency.

Accardo

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POS is moving against the rule of mining that made mining for people with mathematical knowledge and controls some powerful tools that consumes a huge amount of electricity to mine but faces a threat the 51% threat. Anybody can be the validator of the network and will be able to create blocks and the block gets finalized if 2/3 confirms the block. I think the number of people that will donate 32 ETH to become a validator diverts the first purpose of mining that requires mathematicians over whales. So the network is not yet tested we still have to see how it'll play out for the Ethereum network.

MadeMen

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There are several opinions as to what would become of ethereum after the switch to PoS, but we can only predict based on the information we have. I'm only concerned about the scalability of ethereum and believe that the PoS would go a long way in the accomplishment of the goal of scalability. We've all had to contend with the issue of high transaction fee, in also hope that this would be resolved following the change.

TheBeardedBaby

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₿uy / $ell ..oeleo ;(

I not sure about the fate of ETH after the upgrade but the only benefit will be a slightly cheaper and easier to acquire graphic cards for the gamers of course if there's no another crazy coin to suck all the Hash power into it and hype.

Psynthax

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Quote from: gideonpadang on February 22, 2022, 07:41:09 AM

Any thoughts what What will happen after the upgrade?

The upgrade already happened and some changes already implemented like ethereum has burn mechanism and staking mechanism that already live and it can be used by so many ethereum stakers. This time the only main problem that must be fixed to increase the blocksize or make ethereum to be a scalable blockchain and you will be seeing this problem will be fixed once the next upgrade will be done.
I think that you can find that easily through internet and that will be so many latest article that will give you a good article and explanation about what will be coming soon after the next upgrade in ethereum blockchain.

zasad@

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Quote from: Bitbtc8 on February 22, 2022, 10:43:00 PM

Vitalik buterin isn't thinking straight, the reason why Ethereum made it this far is because of its PoW algorithm If upgrades like scalability and cheaper gas fee is the issue I believe it will work with PoW too Ethereum abandoning PoW algorithm will be ETH biggest mistake.

To be honest and open, Ethereum does not need a change of algorithm for scalability, and 1559EIP burns a lot of coins. Layer 2 solutions solve this problem perfectly, but the roadmap has been written and green blockchains are popular now, so the direction of development is chosen correctly.

Bitbtc8

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Vitalik buterin isn't thinking straight, the reason why Ethereum made it this far is because of its PoW algorithm If upgrades like scalability and cheaper gas fee is the issue I believe it will work with PoW too Ethereum abandoning PoW algorithm will be ETH biggest mistake.

WalkerIVIV

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Quote from: gideonpadang on February 22, 2022, 07:41:09 AM

Any thoughts what What will happen after the upgrade?

Here's some points what will be happening with ethereum after the upgrade

1. Scalability increase
2. Merge chain
3. shard chain upgrade

What you need to know if ethereum blockchain 1 and 2 will be merged into the one blockchain. I suggest you to read more about that through this link https://ethereum.org/en/upgrades/

You will be getting a lot of knowledge about what will be done after the upgrade and what things that will happen with ethereum blockchain.

ertil

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It will be the end of Ethereum. Miners will switch their hardware to another coins, maybe ETC, maybe some second layer coins, whales will have more power than ever, and next blocks will be produced "just because, without any work, I am whale so I can dictate the rules". Here you have a screenshot of Ethereum Reddit from 2015, when they talked about Proof of Stake: https://www.truthcoin.info/blog/pow-cheapest/. Today we have 2022. That means they are switching at least for seven years. The longer they will use Proof of Work, the better for ETH it will be.

gideonpadang

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Any thoughts what What will happen after the upgrade?

Topic: Ethereum's Update from PoW to PoS? (Read 148 times)