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Ethereum’s Switch From PoW to PoS Might Affect The Miner Community

Ethereum network is moving towards Proof of Stake (PoS) from Proof of Work-based consensus, and the change of consensus would deeply impact the mining community, as the change would make Ethereum PoW mining obsolete.

During a recent Ethereum core developer meeting,  Justin Drake an Ethereum researcher claimed that the change in codes on the network to move towards Proof Of Stake would be completed by June 30, 2019. The new PoS based Ethereum network has been dubbed as Ethereum 2.0 for the time being.

Ethereum network has decided to move towards the PoS to help it scale the network better and also avoid block related issues. The current phase of changing the core chain’s code to incorporate PoS consensus has been dubbed phase zero. After the change in consensus is over, the next parts come in the form of sharding, which is being intended as a major update since sharding would help the network’s large blocks to get divided into smaller ones and help it scale better.

The sharding phase is being dubbed as most important for the Ethereum network as large and increasing block size has been quite an issue for the network in the past. Drake also explained the importance of the sharding phase and how this would help the network in processing transactions much faster and cheaper than earlier. He explained,

“We’re still very much on track. Still, [code] simplifications are coming through, which is great and the process of fine combing is also for finding these final bugs”

The pre-release of phase zero of the change in consensus was started back in January 2019 and looking at the progress made by the developer team, the launch date for Ethereum 2.0 looks quite on schedule. Ethereum network’s move is being seen as a major step towards making the network as agile as many of the other altcoins, which are challenging the status of Ethereum as the second largest cryptocurrency.

The developers have also made the testnet compatible with the mainnet so that the issues and problems on the network can be detected and corrected accordingly.