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Yes, and Vitalik announced long before Ethereum 0.1 was released that it would switch to POS in the future.
by drcode 6y ago
Yes, and Vitalik announced long before Ethereum 0.1 was released that it would switch to POS in the future.
- mrkramer 6y agoI didn't read Ethereum whitepaper because I consider it to be a copy of Bitcoin but what was the purpose of POW then? Just to initially mine a distribute coins? Looking at Ethereum whitepaper[1] I only found one mention of proof of stake: "an alternative approach has been proposed called proof of stake, calculating the weight of a node as being proportional to its currency holdings and not computational resources; the discussion of the relative merits of the two approaches is beyond the scope of this paper but it should be noted that both approaches can be used to serve as the backbone of a cryptocurrency." And why Satoshi didn't consider switching Bitcoin to POS if it is so good. [1] https://ethereum.org/en/whitepaper/ https://ethereum.org/en/whitepaper/
- drcode 6y agoProof of stake technology wasn't good enough in 2014, so POW was the only option.