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"Proof of stake" to establish distributed consensus will solve the energy problem related to cryptocurrency. Ethereum is one example of such cryptocurrency that

by xyst 6y ago

"Proof of stake" to establish distributed consensus will solve the energy problem related to cryptocurrency. Ethereum is one example of such cryptocurrency that uses this mechanism.

pavlov 6y ago
Ethereum doesn’t use PoS. They’ve been promising it since 2014, but the network is still on PoW.
- ENGNR 6y ago
  Beacon chain is on PoS now. They’re doing a very very controlled migration from the legacy chain over to the new PoS ones for obvious reasons (change management, testing, comms) but the tech is in prod and ready to go
neodypsis 6y ago
Other examples are Cardano and Nimiq.
danpalmer 6y ago
Ethereum does not use Proof of Stake, it is a proposed change that is being worked on, with a timeline of several years before it will be put into action, and that's only if the network accepts it.
- lgierth 6y ago
  It's actually up and running for a while, with large sums already staked, and the flipping of the switch on mainnet will very likely happen before end of summer. https://ethereum.org/en/eth2/staking/ https://ethereum.org/en/eth2/staking/
- meowkit 6y ago
  > timeline of several years ETH 2.0 has launched in parallel with ETH 1.X. The timeline is ~1 year for final merge, not years. This is potentially going to be accelerated (https://notes.ethereum.org/@vbuterin/B1mUf6DXO https://notes.ethereum.org/@vbuterin/B1mUf6DXO). The "network" doesn't accept anything. ETH updates via hard forks. You either get on the train with the most support, or you don't. The majority wants proof-of-stake and there is already almost 4 million Ether staked on the ETH 2 chain (https://launchpad.ethereum.org/en/ https://launchpad.ethereum.org/en/).
  - danpalmer 6y ago
    > ETH updates via hard forks. You either get on the train with the most support, or you don't. This is what I mean by the network accepting. Admittedly there's a spectrum of win/loss as per the ratio of the two resulting networks, but I'd suggest that the stake based network being substantially smaller would essentially be a failure, especially if the mining is still happening.
X6S1x6Okd1st 6y ago
Eth is still spending plenty of energy on PoW, but most L2 systems are PoS and the PoS L1 system is running, but just deferring to the PoW chain right now
newnamenewface 6y ago
Ethereum still does not use PoS and relies on PoW just like Bitcoin.
tradertef 6y ago
That is planning to use.. The transition has not taken place yet and is not expected before November 2021.

by xyst 6y ago

"Proof of stake" to establish distributed consensus will solve the energy problem related to cryptocurrency. Ethereum is one example of such cryptocurrency that uses this mechanism.

pavlov 6y ago

Ethereum doesn’t use PoS. They’ve been promising it since 2014, but the network is still on PoW.

ENGNR 6y ago
Beacon chain is on PoS now. They’re doing a very very controlled migration from the legacy chain over to the new PoS ones for obvious reasons (change management, testing, comms) but the tech is in prod and ready to go

neodypsis 6y ago

Other examples are Cardano and Nimiq.

danpalmer 6y ago

Ethereum does not use Proof of Stake, it is a proposed change that is being worked on, with a timeline of several years before it will be put into action, and that's only if the network accepts it.

lgierth 6y ago
It's actually up and running for a while, with large sums already staked, and the flipping of the switch on mainnet will very likely happen before end of summer. https://ethereum.org/en/eth2/staking/ https://ethereum.org/en/eth2/staking/
meowkit 6y ago
> timeline of several years ETH 2.0 has launched in parallel with ETH 1.X. The timeline is ~1 year for final merge, not years. This is potentially going to be accelerated (https://notes.ethereum.org/@vbuterin/B1mUf6DXO https://notes.ethereum.org/@vbuterin/B1mUf6DXO). The "network" doesn't accept anything. ETH updates via hard forks. You either get on the train with the most support, or you don't. The majority wants proof-of-stake and there is already almost 4 million Ether staked on the ETH 2 chain (https://launchpad.ethereum.org/en/ https://launchpad.ethereum.org/en/).
- danpalmer 6y ago
  > ETH updates via hard forks. You either get on the train with the most support, or you don't. This is what I mean by the network accepting. Admittedly there's a spectrum of win/loss as per the ratio of the two resulting networks, but I'd suggest that the stake based network being substantially smaller would essentially be a failure, especially if the mining is still happening.

X6S1x6Okd1st 6y ago

Eth is still spending plenty of energy on PoW, but most L2 systems are PoS and the PoS L1 system is running, but just deferring to the PoW chain right now

newnamenewface 6y ago

Ethereum still does not use PoS and relies on PoW just like Bitcoin.

tradertef 6y ago

That is planning to use.. The transition has not taken place yet and is not expected before November 2021.