Ethereum co-founder denies changes to blockchain software

Vitalik Buterin, the co-founder of one of the leading blockchains, Ethereum, has rubbished criticism of the proof-of-stake (PoS) mechanism as completely false. He said that some people who support the Proof-of-Work (PoW) mechanism keep giving false information about PoS.

Nick Payton, editor of Swan Bitcoin, gave his opinion about PoS. Payton tweeted, “People associated with Proof of Stake can vote for changes to its features and this suggests that this is a security issue for such blockchain networks.” In response, Buterin said that some supporters of PoW often lie about PoS such as voting on protocol parameters. “In PoS and PoW nodes exclude invalid blocks. It’s not difficult,” he explained.

For crypto mining in PoW, miners use computing power to solve complex mathematical equations. Bitcoin and Ethereum protect their networks by validating transactions in a similar way. However, Ethereum is preparing to shift to proof-of-stake through an upgrade called ‘Merge’. This upgrade recently completed a trial on the public test network Sepolia. With this, the developers of Ethereum are expected to launch the upgrade soon. It’s already too late for this project. The Sepolia testnet will be monitored for the next few days. “Sepolia will be the second of three public testnets for Merge,” the Ethereum developers explained in a blog post. These tests will help developers understand how the network will perform after the upgrade. The upgrades to Ethereum are undergoing rigorous testing as more than $100 billion of decentralized finance (DeFi) apps are supported on this blockchain.

The upgrade may also bring relief to investors in the crypto derivative token called stETH. Developers are recoding Ethereum’s mining protocol from its current ‘Proof of Work’ (PoW) model to ‘Proof of Stake’ (PoS). This upgrade is expected to reduce Ethereum’s electricity consumption by up to 99 percent. Ethereum miners have to use large server farms to order transactions on the blockchain, which consumes more electricity.

Cryptocurrency prices in Indian exchanges

For the latest tech news, smartphone reviews and exclusive offers on popular mobiles, download the Gadgets 360 Android app and follow us on Google News.

Related news

Leave a Comment