Aqib Sarwar (OP)
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Activity: 28
Merit: 1
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August 15, 2020, 10:25:54 AM |
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Perhaps many of us are focusing on ETH 2.0 and unusually high transaction fees, but let's look at the consensus protocol we are expecting on ETH 2.0. I and many people prefer POS over POW for reasons of investment costs, decentralization, security and energy efficiency. In addition, ETH's current POW is not completely "ASIC resistant".
However, there are also opinions that miners do not like POS, because they have invested a lot in the POW system, so they only have 2 options: sell mining machines to buy ETH & become part of the POS system or switch to another POS platform.
Will this affect the future of ETH much? Will ETH 2.0 using POS be as successful as we expected? What do you think about this, please share.
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Shaheer781
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Activity: 9
Merit: 0
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August 15, 2020, 10:32:29 AM |
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The ETH 2.0 upgrade converts the network from Proof of Work (PoW) to Proof of Stake (PoS). Called staking, this upgrade will remove Proof of Work (PoW) miners and change into an ETH deposit key validator to validate blocks and earn block rewards.
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tycsols
Member
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Activity: 812
Merit: 10
BountyMarketCap
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August 15, 2020, 10:33:46 AM |
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Perhaps many of us are focusing on ETH 2.0 and unusually high transaction fees, but let's look at the consensus protocol we are expecting on ETH 2.0. I and many people prefer POS over POW for reasons of investment costs, decentralization, security and energy efficiency. In addition, ETH's current POW is not completely "ASIC resistant".
However, there are also opinions that miners do not like POS, because they have invested a lot in the POW system, so they only have 2 options: sell mining machines to buy ETH & become part of the POS system or switch to another POS platform.
Will this affect the future of ETH much? Will ETH 2.0 using POS be as successful as we expected? What do you think about this, please share.
If you see at all the new, innovative and advance blockchain network projects you will see that no one is coming up with pow algorithm anymore rather pos is the preferred algorithm in all these projects so Ethereum is doing the right thing by upgrading to pos, just imagine the demand for eth around november when hopefully pos will launch, I can expect the eth price to go really crazy and it can form new highs so the bulls are not far away. |
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Chukwunonso
Jr. Member
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Activity: 154
Merit: 1
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August 15, 2020, 10:35:57 AM |
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I believe the POS algorithm is a good move for ethereum. It would bring about true decentralisation in the cryptocurrency space. Every individual should have the opportunity to join in maintaining the community. The miners have been given too much power and I guess that explains why we're having a crazy hike in the transaction fees for ethereum. I believe the POS would liberalise the market and allow free flow.
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shakesbear
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Activity: 684
Merit: 10
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August 15, 2020, 10:39:11 AM |
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Everything will be fine with the miners, they will go to mine something else, or they will sell video cards, I think they have already recouped the costs, I expect scalability from ETH 2.0 in the first place, and POW or POS does not matter.
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r32godzilla
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August 15, 2020, 10:58:32 AM |
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In the beginning, we will see something similar to QuarkChain PoSW consensus, there will be both consensuses at the same time. And after 1-2 years will Ethereum completely migrate to PoS consensus. So do not worry, there will be enough time to prove if PoS is a future or not.
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asder250
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Activity: 708
Merit: 103
Empowering crypto w/ sustainable energy
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August 15, 2020, 11:00:23 AM |
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For altcoins, it makes a sense to use Proof of stake algorithm because most of them have low computing power and it could be easily abused by a double-spend attack. While PoW is the best for Bitcoin because it makes it the safest blockchain backed by a huge energy power.
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50 Cent
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August 16, 2020, 06:17:02 AM |
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Perhaps many of us are focusing on ETH 2.0 and unusually high transaction fees, but let's look at the consensus protocol we are expecting on ETH 2.0. I and many people prefer POS over POW for reasons of investment costs, decentralization, security and energy efficiency. In addition, ETH's current POW is not completely "ASIC resistant".
However, there are also opinions that miners do not like POS, because they have invested a lot in the POW system, so they only have 2 options: sell mining machines to buy ETH & become part of the POS system or switch to another POS platform.
Will this affect the future of ETH much? Will ETH 2.0 using POS be as successful as we expected? What do you think about this, please share.
All of us waiting for ethereum 2.0 And Will completed Q4 maybe. For now, i have no idea. Gas fee so high for me. When i Want to Sell my token erc20. That is make me crying. Keep strong eth. We waiting you. |
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microsurfer
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August 16, 2020, 06:29:36 AM |
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POS is a right decision for ETH. It has more pros than cons
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Eco_111
Member
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Activity: 210
Merit: 14
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August 16, 2020, 07:01:34 AM |
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Perhaps many of us are focusing on ETH 2.0 and unusually high transaction fees, but let's look at the consensus protocol we are expecting on ETH 2.0. I and many people prefer POS over POW for reasons of investment costs, decentralization, security and energy efficiency. In addition, ETH's current POW is not completely "ASIC resistant".
However, there are also opinions that miners do not like POS, because they have invested a lot in the POW system, so they only have 2 options: sell mining machines to buy ETH & become part of the POS system or switch to another POS platform.
Will this affect the future of ETH much? Will ETH 2.0 using POS be as successful as we expected? What do you think about this, please share.
POS for Ethereum is better but that won't be the reason for miners to sell off their mining rigs, though Eth is one of the most profitable coin to mine since day one but we have other coins using same Algorithm (ethash) with Ethereum e.g Ethereum Classic |
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the_thing
Sr. Member
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Activity: 546
Merit: 252
Proof-of-Stake Blockchain Network
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August 16, 2020, 08:21:33 AM |
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In my opinion, the price will rise once they have completed the switch from PoW to PoS because people especially whales would like to bag as many ETH as possible to take advantage of the new PoS system.
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shata
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August 16, 2020, 09:18:50 AM |
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In my opinion, the price will rise once they have completed the switch from PoW to PoS because people especially whales would like to bag as many ETH as possible to take advantage of the new PoS system.
I think the price is already rising. Of course they will soon dump it though. Anyways... Will this affect the future of ETH much? Will ETH 2.0 using POS be as successful as we expected? What do you think about this, please share.
As to the future of ETH, this will greatly help the adoption to achieved sustainable ecosystem of cryptocurrency; first-hand, the DeFi craze as one of many examples crypto are capable of. I think the success rate matters on its price and it always favor those who are bag holders. |
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kensaii
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August 16, 2020, 09:33:48 AM |
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I think if I was a new investor, with ETH 2.0 then I would choose POS than POW when making an investment in it. Holding 32 ETH and receive stake reward is much better than holding mining rigs which took a lot of effort and time to monitor, more hassle too. So miners must also aware of this and some of them will move from POW to POS till there is a balance between both of them.
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