Bitcoin Forum

Vitalik Buterin proposed an accelerated transfer of the Ethereum blockchain based on the Proof of Work consensus to the “beacon chain” that underlies blockchain architecture using sharding. The update proposed by Vitalik will require only light clients without state preservation (stateless clients), but he will not need miners. This will require significantly fewer changes at the architecture level.

That's gonna be the end of this. Vitalik accelerated the process with this statement. We are going to a stateless society. This is not a completely serbets order. The Ethereum network is one of the best uses of the blockchain. Mining may need to be excluded from the system. No more human interventions. The system will continue with simpler processing powers.

I've heard about sharding before but do we have the source of this new statement he made? I've looked for some news but found nothing or I just haven't found the right term for the news.

Can we know where is this statement came from? I'd like to see whether this plan or proposal is somehow not a written comic book of some media shillerd and fudders.

If his proposal is indeed direct and fasttrack transfering into sharding, which I am pretty sure more concerning to scalability is a nice move.

Can you share us the official statement though?

So that we can dissect everything, the way you put it or interpreted the statement, it sounds like a doom scenario for Ethereum miner if this really happens. So we appreciate the link so that we can have our interpretations and have a good discussions about it.

I'm of the opinion that this development is a good one and would make the ethereum blockchain more attractive for users. The fact that miners won't be needed could serve as a pragmatic solution towards the end of high transaction costs and help to make the speed of transactions faster.

You don't have to look further, just visit Vitalik's twitter account https://twitter.com/VitalikButerin/status/1210035542852882435

The article https://ethresear.ch/t/alternative-proposal-for-early-eth1-eth2-merge/6666

Beacon Chain is not a tool to convert the system but it is a system that enables PoS consensus. Their first scenario is enabled both of the consensuses, but Vitalik latest proposition is to move everything into Beacon Chain directly which means he proposes to disable PoW consensus. There are pros and cons.

Sooner or later, the famous Blockchains you see, the principles based on (incentives) will hit the wall.
It' an obvious dead end that it has to come to the fact it's gonna be centralized & ran from one single place (servers) & the communities adopting it / buying it will be just MasterCard / Visa... users like we see now except with lowers fees.
What' happening right now in crypto is the embryo stage, the next stage will make it boom, which means less incentives for crypto communities, sad but this is how i see it.

If ethereum will be moving to the POS and miners will be actually not needed by ethereum. That has become the thing that must have happened when ethereum decides to move POS system. It's not only needed a fewer changes on the architecture level but a lot of changes will have needed especially all of the architecture that supported POW will be changed.
Human just act as stakers as the light clients will give them all easiest way to staking their coin.

Thanks mate, I don't usually check his twitter account and haven't thought of that because the medias today are also quick publishing such news. So, the sentiment of everyone is divided into this matter.

Will look further to study about this proposal and will construct my opinion regarding this thing. There are against and there are okay with it but still needed to know more about it.

The OP should include his reference links so we know where he got this news.
But yes, just checking Vitalik's twitter account will give you the official statement per se. Thanks.
For those who are lazy to check the links. The content is this -

https://i.postimg.cc/MHLhqgbG/Screen-Shot-2019-12-30-at-6-41-45-AM.png

At first this statement is very old when rumors was telling about it from long time. I support it Ethereum 2.0 on beacon chain. I did some calculate and found that after long time mining rewards could be than available supply of Ethereum. By proof of staking on beacon chain can control the Ethereum supply.

There have been proof of stake coins before which have crashed. Remember Reddcoin, Dash, Hyperstake and hundreds of others that popped up in 2015 and 2016?

They sort of died because you needed a huge amount of coins to get a reliable stake, and so the small holders sold up deleted their wallets and moved on.

sounds awesome man, did you have a specific point or opinion you wanted to debate on that? or just making a statement? :D
ETH is going NUTS in 2020 development wise, they really seem to have been hard at work these last year (or several if you ask Vitalik)
i always like to see him speak, hes so weird and on another level haha, supernerd :p   love the guy, fellow Canadian too :P

Actually the infinite supply of eth really make a huge impact though the circulation is quite large. Eth has been one of the good platform so far, having a fixed supply also can leverage the potential value of eth knowing that proof of stake is one of the most good mechanism for blockchain now.

Beacon chain equals switching from POW to POS, it's definitely what we all want, isn't it? Now all we need is actual time that this upgrade will come alive, enough of the long wait already

If it's really like this, then the miners have to find another coin. If this is all promising for some parties and the miners will be set aside, I feel vital that I have prepared something like this for the safety of his product and hopes that there will be a significant change from POW to POS and hopefully this can be realized in the near future because there are many waiting for this.

Yes, I agree with you! We have seen many Altcoins activated power-of-stake can't keep its value as the promise. I invested in Dash, XZC, to make a profit from Stake, but it all became meaningless when the value of both dropped quickly.

PoS requires great responsibility from the community. It will be counterproductive when most people only want to get out of ETH as soon as possible after waiting a long time to see an increase in the value of ETH.

many people are waiting for this, but not everyone understands what kind of results it can bring. I personally do not see anything positive in switching to POS. If this helps solve the problem of scalability, then it will be fine, but I doubt it very much. I think that this transition will affect the price very negatively

come on, bro, give us the news source of what you say so we can also understand, or read before commenting.
I do not understand, he gave comments and statements in what section.
if this concerns the development to version 2.0
I hope this goes according to plan.

So many positives things that can be acquired by ethereum when it will be switching to the POS as that will decrease the inflation and makes the token becomes more valueable as it will not only be used on the platform but to earn the annual yield too.