- Ethereum PoS consensus will soon be a reality
- The crypto ecosystem is ecstatic about the update
- PoS to resolve Ethereum’s scalability issues
Ethereum News Today – since Ethereum’s launch in 2015, the protocol has been widely accepted. Many things have changed in the Ethereum space since 2015 even though the coin remained in Bitcoin’s shadow for an extended period. However, ETH’s update from PoW (Proof of Work) to PoS (Proof of Stake), and the ProgPow protocol, have kept things moving for the asset.
Ethereum’s co-founder Vitalik Buterin, said the ETH 2.0 update will be one of the biggest achievements of the Ethereum chain. It will be the biggest thing for Ether this year. Buterin hopes that in the future the protocol will continue to make waves. He also cited that Ethereum is looking forward to the launch of phase zero this summer. The network is excited that the PoS is going to roll out soon.
Ethereum has Faced Some Limitations over the Years
It is essential to state that Ether has faced a few fundamental limitations, like speed and scalability over the years. Ethereum 2.0 will solve these issues and preserve Ethereum’s decentralization which is its number one objective. This update will be released this year. It will cover the Beacon Chain and Phase 0.
Ethereum 2.0 researcher Ryan said the ZK-Rollups are a simpler model of the previous constructions that have taken good care of the concerns blocking its efficiency. Buterin adds that this scaling research has caused serious development in the past months, and that research teams are now scaling something paramount to Ethereum’s PoS virtual machine. The Ethereum founder expects the ZK-Rollups and Looprings to perform wonders regarding the improvement of efficiency on their proofs. This is because he expects the technologies involved to make a huge impact in the future.
Ethereum’s Migration to PoS from PoW
Since the Ethereum network announced its switch from the PoW consensus to the PoS model, a lot of movement has happened. The benefit when it comes to adapting to the Ethereum PoS model is that it will allow users to partake in the Ethereum Blockchain. They will also be able to earn rewards because the previous barriers have been removed. Buterin previously mentioned that scalability would be upgraded with stateless clients because downloading witnesses is less expensive compared to accessing the disk. It also activates faster block verification.
In other reports, there is speculation about the impact that the Ethereum PoS update will have on the price of the digital asset. Many believe that Ethereum’s value may rise as the crypto market is trading smaller at press time.