Topic: Pros and Cons Ethereum 2.0 (Read 171 times)

Cool down mate  , staking feature for a top altcoin carries risks?? How? Do you know how many big altcoin left proof of work Algorithm for staking algo ( POS ) ?, You need to do your own research, Ethereum will do better with POS than it ever did with POW Algorithm

Pros Ethereum 2.0 updating of the network is more powerful, Cons Ethereum 2.0 network is becoming centralized daily.
Pros Ethereum 2.0 less fees and fast network, Cons Ethereum 2.0 we may see this update in July or maynot see it.
Pros Ethereum 2.0 support more tokens and add more stability, Cons Ethereum 2.0 network POS may make prices stable.
Pros Ethereum 2.0 we may add more investors, Cons Ethereum 2.0 short block time will give more power to miners.

We do not know much about PoS consensus and run it on the biggest network, is simply risky. If you make only onr mistake, you can delete the whole history of the blockchain!

And who says that ethereum will go down because there won't be anymore POW support? I think ethereum will do better without miners if that's what you are worried about, using proof of stake is not a con, staking has better feature than mining.

Possibly the ethereum Blockchain team developers may choose to erase the pow and move forward with the pos, this is very much possible as we have seen in others. Basically, the team developers know what they need with this upgrade and will execute  accordingly. In my own opinion, they should erase the pow entirely from the ethereum Blockchain because the system seem not effective as much as pos.

According to what ethereum platform are trying to do, it will use another algorithm entirely, there will be no more PoW but rather PoS for ethereum mining. We need to talk about this now and presently, because there is possibility that PoS will be the modern way of coin minimg.

and we should look around to see similar examples in other cryptos.
For instance bitcoin's halving is going to happen no matter how many miners is going to quit mining btc after it.
Ethereum should think of users, not miners imo

Many coins already opted out from proof of work Algorithm to proof of stake Algorithm and they are doing very well in the market, if Ethereum team decide to get rid of POW and only allow POS it won't affect the reputation on ethereum, don't worry about that

I'm interested to staking but I think there are ways for small time stakers that also want to join the network. They can go to legitimate pools where they can contribute the amount that they have. Of course that amount is lesser than the minimum of 32 ETH.

It will compiled by that pool and most small stakers will have their own fair share to meet 32 ETH. The 2.0 will make the rich become richer and about the cons, let's wait until it's made so that we can see the intricacies of it.

I don't think that they will go out of business as well, they have ample time to adjust to the next mining model in ETH 2.0 so I'm sure majority of them are going to move as well with 32 ETH staking. And besides, if minority opted not to mine ETH then they have other options as well. It's not a death cross for miners, and I'm sure that if there are big incentives moving to POS functioning network, then they will do it, same as to what we have seen in bitcoin hash-rate post halving.

About miners going out of business is something we can't talk about presently, I don't know if POW will be erased entirely from ethereum blockchain, I've seen coins that has both POW and POS functioning on same network, all we can do is wait and see.

The process of updating to the Ethereum 2.0 blockchain with the Proof of Stake (PoS) model brings additional benefits for its users. One of them is the staking model where the user receives passive income from validating transactions by saving 32 ETH to become a validator node or join the staking pool.

Two thirds (66 percent) of the Ethereum community support the staking model. Many experts believe this update will have a positive impact on prices and trading volumes of Ether's crypto assets (ETH).

Staking will stabilize the price of crypto assets. In addition, network transactions can be cheaper and faster with reduced gas costs. PoS will also increase ETH requests, because users get staking rewards and also use ETH in DeFi (decentralized finance) applications.

However, the staking model carries risks, including impacts on miners who are still running on the Ethereum 1.0 network. This transition is said to make ETH miners go out of business or mine other crypto assets.

There is also a risk for stakers who save funds on the Ethereum network, because not all users understand the intricacies of staking which may be classified as complicated.

Complex staking models can result in private key theft and errors during the transfer process. In addition, the transition from Ethereum 1.0 to 2.0 presents a risk of lock up, where Ether stored in the new PoS chain cannot be availed if there is a sudden price drop.