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> But good to see that Ethereum came to their senses and are serious about reducing the environmental impact they have. Is it not possible there's good reasons

by kodah 5y ago

> But good to see that Ethereum came to their senses and are serious about reducing the environmental impact they have. Is it not possible there's good reasons they didn't move to proof of stake sooner? "Came to their senses" seems to imply they had no good reasons.

svachalek 5y ago
This has been the plan for a long time. But this is like Google deciding to switch to Microsoft Windows, it's not something they can just decide to do one day. There's a process. It's a massive effort and hundreds of billions of dollars are on the line.
- kodah 5y ago
  Kinda what I figured. Thanks for the response.
shanecoin 5y ago
It has been the goal since day one. The Ethereum protocol was designed with PoS in mind and has a built-in difficulty bomb[1] to prove it. In short, this difficulty bomb makes it exponentially harder to mine ETH over time. The goal of this feature was to encourage all participants of the ecosystem to transition to PoS as quickly as possible. Given that, the implementation has not worked out totally as expected, as the difficulty bomb has been pushed back a few times over the years. However, to answer your question, the reason they did not move faster is because this transition is hard and plays in some uncharted territory. [1] https://medium.com/fullstacked/the-ice-age-is-coming-ee5ad5fa485c https://medium.com/fullstacked/the-ice-age-is-coming-ee5ad5f...
- baby 5y ago
  I don’t think PoS was a thing when Ethereum was invented.
  - joshmarlow 5y ago
    It's mentioned in the whitepaper - https://ethereum.org/en/whitepaper/ https://ethereum.org/en/whitepaper/ > Note that in the future, it is likely that Ethereum will switch to a proof-of-stake model for security, reducing the issuance requirement to somewhere between zero and 0.05X per year.
    - baby 5y ago
      Interesting, in any case I don’t think any decision was made to ease the transition at the time.
  - rfd4sgmk8u 5y ago
    It absolutely was, Peercoin (PPC), and even DPoS (BTS) predates ethereum too. What are they worth today? PoS is a scam -- also Diem is worse -- it is dystopia.
    - baby 5y ago
      Mkay

by kodah 5y ago

svachalek 5y ago

This has been the plan for a long time. But this is like Google deciding to switch to Microsoft Windows, it's not something they can just decide to do one day. There's a process. It's a massive effort and hundreds of billions of dollars are on the line.

kodah 5y ago
Kinda what I figured. Thanks for the response.

shanecoin 5y ago

It has been the goal since day one. The Ethereum protocol was designed with PoS in mind and has a built-in difficulty bomb[1] to prove it. In short, this difficulty bomb makes it exponentially harder to mine ETH over time. The goal of this feature was to encourage all participants of the ecosystem to transition to PoS as quickly as possible. Given that, the implementation has not worked out totally as expected, as the difficulty bomb has been pushed back a few times over the years. However, to answer your question, the reason they did not move faster is because this transition is hard and plays in some uncharted territory. [1] https://medium.com/fullstacked/the-ice-age-is-coming-ee5ad5fa485c https://medium.com/fullstacked/the-ice-age-is-coming-ee5ad5f...

baby 5y ago
I don’t think PoS was a thing when Ethereum was invented.
- joshmarlow 5y ago
  It's mentioned in the whitepaper - https://ethereum.org/en/whitepaper/ https://ethereum.org/en/whitepaper/ > Note that in the future, it is likely that Ethereum will switch to a proof-of-stake model for security, reducing the issuance requirement to somewhere between zero and 0.05X per year.
  - baby 5y ago
    Interesting, in any case I don’t think any decision was made to ease the transition at the time.
- rfd4sgmk8u 5y ago
  It absolutely was, Peercoin (PPC), and even DPoS (BTS) predates ethereum too. What are they worth today? PoS is a scam -- also Diem is worse -- it is dystopia.
  - baby 5y ago
    Mkay