POS is a good move for ETH and this would also maintain the flow of new coins making the adjustments easier. Which could be the ultimate price booster for Ethereum.
There are other technical improvement that would boost the use of the coin itself. Sharding is something new and would require much testing before being implemented in Ethereum as there are many loopholes for hackers when you are not using the POW and a whole blockchain.
Topic: ❓❓❓ What the heck is Ethereum 2.0 anyway ❓❓❓ (Read 285 times)
What are the disadvantages of switching from PoW to PoS ?
I'm asking this, so that we can have an objective discussion.
I'm asking this, so that we can have an objective discussion.
Also, is it an upgrade or a reboot of the platform? It appears Vitalik created a new platform and called it Ethereum 2.0. Is it his acknowledgement that Ethereum 1.0 has failed?
Serenity exists as a wholly new chain alongside the current chain. As we mentioned above, they will use Casper FFG to ease up the transition from Eth1 to Eth2 by overlaying it top of the existing network as an additional layer. You can read more about the technique they use at Ethhub.
Vitalik says that the transition to Eth2 is a way to bring technical improvements. It tends to fix the various problems highlighted by Ethereum 1.0 (Scalabity, Security and Decentralization etc).
Wait. Just try to make it clear. So they just add Casper as an overlay to the existing proof of work system right?
Yes that's true. Casper FFG is a proof of stake-based finality protocol which overlays an existing proof of work blockchain. It's a partial consensus mechanism combining proof of stake algorithm research and Byzantine fault tolerant consensus theory to provide additional protections against block reversions. Basically, Casper FFG is designed to implement POS and mitigate the “Nothing at Stake” problem.
I reckon that using the word overlay is a trick to cover the truth that Ethereum 2.0 is a reboot of the Ethereum 1.0 blockchain. It is a new platform where the users will migrate their coins through a smart contract. It is similar to burning your coins in the old blockchain to receive the new coins in the new blockchain. This is not what you call an overlay.
The developers also make it appear to be interested in a 2way bridge to make it appear like an overlay.
But I've read that they will incentivize users who have staked their ETH with additional ETH. That sounds tempting.
@HB Wallet. GreatArkansas was asking when the new Ethereum 2.0 blockchain will be online for the Ethereum 1.0 holders to migrate their coins and for dapp developers to migrate their smart contracts and tokens.
@GreatArkansas. It might be on the 1st quarter 2020 according to an article I read.
@GreatArkansas. It might be on the 1st quarter 2020 according to an article I read.
My one and only question to the Ethereum 2.0 is WHEN?
WHEN it will implekented? There's a lot of humor before, around 2018 that this Ethereum 2.0 will be implemtlented but until now, there's still no sign for the update.
WHEN it will implekented? There's a lot of humor before, around 2018 that this Ethereum 2.0 will be implemtlented but until now, there's still no sign for the update.
The first testnet of Ethereum - Istanbul has been set for October 2, 2019 (originally targeted for September 4 but was pushed back due to the large volume of Ethereum Improvement Proposals (EIPs) that were submitted for review). Sharding phases 1 and 2 will allegedly come in 2020 and 2021, respectively.
My one and only question to the Ethereum 2.0 is WHEN?
WHEN it will implekented? There's a lot of humor before, around 2018 that this Ethereum 2.0 will be implemtlented but until now, there's still no sign for the update.
WHEN it will implekented? There's a lot of humor before, around 2018 that this Ethereum 2.0 will be implemtlented but until now, there's still no sign for the update.
@lixer. Does Ethereum's reboot to Ethereum 2.0 not make it similar to an admission that 1.0 is an incompetent platform that does not work as promised?
I shake my head on why Vitalik and his team did not use proof of stake from the beginning if that was where Ethereum was going. It would have worked because Ethereum begun as an ICO.
I shake my head on why Vitalik and his team did not use proof of stake from the beginning if that was where Ethereum was going. It would have worked because Ethereum begun as an ICO.
This was very helpful, Ethereum is working with all its best to make their users proud again and they should be commended, let us see if this new product that is to be tested first by them would create another adoption of cryptocurrency like their chain technology created in 2017 and gave opportunities to so many people who would forever be grateful including scammers lol.
I hope this new proof of stake will indeed reduce the level of energy consumption in mining this crypto because it is too much and this is what could give bad impression to the government. Imagine that thing calculate there as what bitcoin takes of energy, it means it is not even in every country that one would be able to mine, but I think with this proof of stake, it would be easier to mine in other smaller countries.
I hope this new proof of stake will indeed reduce the level of energy consumption in mining this crypto because it is too much and this is what could give bad impression to the government. Imagine that thing calculate there as what bitcoin takes of energy, it means it is not even in every country that one would be able to mine, but I think with this proof of stake, it would be easier to mine in other smaller countries.
Couldn't agree more. Besides price volatility, I think energy consumption in mining is one of the critical problems that makes cryptocurrency's adoption as a real-world currency quite challenging. Hope the new system could work out aforementioned issues and would be worth waiting for.
This was very helpful, Ethereum is working with all its best to make their users proud again and they should be commended, let us see if this new product that is to be tested first by them would create another adoption of cryptocurrency like their chain technology created in 2017 and gave opportunities to so many people who would forever be grateful including scammers lol.
I hope this new proof of stake will indeed reduce the level of energy consumption in mining this crypto because it is too much and this is what could give bad impression to the government. Imagine that thing calculate there as what bitcoin takes of energy, it means it is not even in every country that one would be able to mine, but I think with this proof of stake, it would be easier to mine in other smaller countries.
I hope this new proof of stake will indeed reduce the level of energy consumption in mining this crypto because it is too much and this is what could give bad impression to the government. Imagine that thing calculate there as what bitcoin takes of energy, it means it is not even in every country that one would be able to mine, but I think with this proof of stake, it would be easier to mine in other smaller countries.
Thank you for this useful news, we are waiting for a small increase in the rate of Ethereum, I wanted to see it in the region of $ 300-500.
It will be able to keep the course in this area, time will tell, but interest in the coin has increased significantly.
It will be able to keep the course in this area, time will tell, but interest in the coin has increased significantly.
You might wait longer than you might expect if you speculate that the increase on the price might be caused by the release of Ethereum 2.0. I predict that Vitalik will do it similar to the SEC's decision on bitcoin's ETF. Many delays and delays of delays hehehe.
I think that people are afraid about the centralization with upcoming consensus switch to Proof of Stake.
More you hold, more power you have.
I don't like the new update because you have to stake at least 21 ETH to get the reward. Why they can´t do it as ICON - you can start stake with only 1 ICON.
More you hold, more power you have.
I don't like the new update because you have to stake at least 21 ETH to get the reward. Why they can´t do it as ICON - you can start stake with only 1 ICON.
yes, could happen the same that happened to eos where most of the top block producers now are exchanges holding a huge bag of tokens. I don't know if anything can be really decentralized based on amounts of money - censitary voting has existed in the past and we know it's a bad system.
Thank you for this useful news, we are waiting for a small increase in the rate of Ethereum, I wanted to see it in the region of $ 300-500.
It will be able to keep the course in this area, time will tell, but interest in the coin has increased significantly.
It will be able to keep the course in this area, time will tell, but interest in the coin has increased significantly.
What are the disadvantages of switching from PoW to PoS ?
I'm asking this, so that we can have an objective discussion.
I'm asking this, so that we can have an objective discussion.
Also, is it an upgrade or a reboot of the platform? It appears Vitalik created a new platform and called it Ethereum 2.0. Is it his acknowledgement that Ethereum 1.0 has failed?
Serenity exists as a wholly new chain alongside the current chain. As we mentioned above, they will use Casper FFG to ease up the transition from Eth1 to Eth2 by overlaying it top of the existing network as an additional layer. You can read more about the technique they use at Ethhub.
Vitalik says that the transition to Eth2 is a way to bring technical improvements. It tends to fix the various problems highlighted by Ethereum 1.0 (Scalabity, Security and Decentralization etc).
Wait. Just try to make it clear. So they just add Casper as an overlay to the existing proof of work system right?
Yes that's true. Casper FFG is a proof of stake-based finality protocol which overlays an existing proof of work blockchain. It's a partial consensus mechanism combining proof of stake algorithm research and Byzantine fault tolerant consensus theory to provide additional protections against block reversions. Basically, Casper FFG is designed to implement POS and mitigate the “Nothing at Stake” problem.
I reckon that using the word overlay is a trick to cover the truth that Ethereum 2.0 is a reboot of the Ethereum 1.0 blockchain. It is a new platform where the users will migrate their coins through a smart contract. It is similar to burning your coins in the old blockchain to receive the new coins in the new blockchain. This is not what you call an overlay.
The developers also make it appear to be interested in a 2way bridge to make it appear like an overlay.
What are the disadvantages of switching from PoW to PoS ?
I'm asking this, so that we can have an objective discussion.
I'm asking this, so that we can have an objective discussion.
Also, is it an upgrade or a reboot of the platform? It appears Vitalik created a new platform and called it Ethereum 2.0. Is it his acknowledgement that Ethereum 1.0 has failed?
Serenity exists as a wholly new chain alongside the current chain. As we mentioned above, they will use Casper FFG to ease up the transition from Eth1 to Eth2 by overlaying it top of the existing network as an additional layer. You can read more about the technique they use at Ethhub.
Vitalik says that the transition to Eth2 is a way to bring technical improvements. It tends to fix the various problems highlighted by Ethereum 1.0 (Scalabity, Security and Decentralization etc).
Wait. Just try to make it clear. So they just add Casper as an overlay to the existing proof of work system right?
Yes that's true. Casper FFG is a proof of stake-based finality protocol which overlays an existing proof of work blockchain. It's a partial consensus mechanism combining proof of stake algorithm research and Byzantine fault tolerant consensus theory to provide additional protections against block reversions. Basically, Casper FFG is designed to implement POS and mitigate the “Nothing at Stake” problem.
What are the disadvantages of switching from PoW to PoS ?
I'm asking this, so that we can have an objective discussion.
I'm asking this, so that we can have an objective discussion.
Also, is it an upgrade or a reboot of the platform? It appears Vitalik created a new platform and called it Ethereum 2.0. Is it his acknowledgement that Ethereum 1.0 has failed?
Serenity exists as a wholly new chain alongside the current chain. As we mentioned above, they will use Casper FFG to ease up the transition from Eth1 to Eth2 by overlaying it top of the existing network as an additional layer. You can read more about the technique they use at Ethhub.
Vitalik says that the transition to Eth2 is a way to bring technical improvements. It tends to fix the various problems highlighted by Ethereum 1.0 (Scalabity, Security and Decentralization etc).
Wait. Just try to make it clear. So they just add Casper as an overlay to the existing proof of work system right?
What are the disadvantages of switching from PoW to PoS ?
I'm asking this, so that we can have an objective discussion.
I'm asking this, so that we can have an objective discussion.
Also, is it an upgrade or a reboot of the platform? It appears Vitalik created a new platform and called it Ethereum 2.0. Is it his acknowledgement that Ethereum 1.0 has failed?
Serenity exists as a wholly new chain alongside the current chain. As we mentioned above, they will use Casper FFG to ease up the transition from Eth1 to Eth2 by overlaying it top of the existing network as an additional layer. You can read more about the technique they use at Ethhub.
Vitalik says that the transition to Eth2 is a way to bring technical improvements. It tends to fix the various problems highlighted by Ethereum 1.0 (Scalabity, Security and Decentralization etc).
What are the disadvantages of switching from PoW to PoS ?
I'm asking this, so that we can have an objective discussion.
I'm asking this, so that we can have an objective discussion.
Also, is it an upgrade or a reboot of the platform? It appears Vitalik created a new platform and called it Ethereum 2.0. Is it his acknowledgement that Ethereum 1.0 has failed?
What are the disadvantages of switching from PoW to PoS ?
I'm asking this, so that we can have an objective discussion.
I'm asking this, so that we can have an objective discussion.
disadvantages of using POS:
1. POW security is better among Proof of Stake because POW has security with a decentralized system that is arranged in one block (Hash),
2. With the POS system, the price of coins will be easily attacked, for example, someone who has a lot of coins will become the ruler in this proof of stake system.
3. in addition, the supply of coins in proof of stake is not limited, this will greatly affect the fall in the price of coins while POW limits the amount of coin inventory so that the price can increase with the scarcity of the coin.
please correct if wrong.
Thanks for this. I just want to list out a few points in addition:
-"Pure" Proof of stake consensus algorithms give stakeholders the ability to monopolize the network, an attacker can capture the system and sell the resources they used to attack the system (which are coins). The price of coin can drop drastically.
-Since it has to depend on the online validator nodes, the system may not function as intended if there is a decrease in these nodes.
-If a validator loses their deposit, which is equivalent to losing all their hardware. People may find it discouraged to participate.
-It can take an enormous amount of disruption in order to end an attack event.
I believe that Vitalik and the team have already measured some of these problems in proper PoS mechanism. That's why they're going for a hybrid model PoW/PoS and implementing Casper. Correct me if I'm wrong.
What are the disadvantages of switching from PoW to PoS ?
I'm asking this, so that we can have an objective discussion.
I'm asking this, so that we can have an objective discussion.
disadvantages of using POS:
1. POW security is better among Proof of Stake because POW has security with a decentralized system that is arranged in one block (Hash),
2. With the POS system, the price of coins will be easily attacked, for example, someone who has a lot of coins will become the ruler in this proof of stake system.
3. in addition, the supply of coins in proof of stake is not limited, this will greatly affect the fall in the price of coins while POW limits the amount of coin inventory so that the price can increase with the scarcity of the coin.
please correct if wrong.
What are the disadvantages of switching from PoW to PoS ?
I'm asking this, so that we can have an objective discussion.
I think that people are afraid about the centralization with upcoming consensus switch to Proof of Stake.I'm asking this, so that we can have an objective discussion.
More you hold, more power you have.
I don't like the new update because you have to stake at least 21 ETH to get the reward. Why they can´t do it as ICON - you can start stake with only 1 ICON.
Thanks for this info, buddy. Can you talk about what you think about the downsides of switching from PoW to PoS, will Ethereum 2.0 be successful? I think this is a huge step in the development of Ethereum, I want to see this miracle.
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