What are the disadvantages of switching from PoW to PoS ?
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.
