8 ms·

Some of the most dedicated software engineers I’ve ever met have been working on it (transition to PoS) intensely for 2 years now and I heard from their own mou

Some of the most dedicated software engineers I’ve ever met have been working on it (transition to PoS) intensely for 2 years now and I heard from their own mouths (physically, in person) week before last just how excited they are it’s wrapping up. None of this work has happened in the dark. The regular cross-team meetings, constant stream of commits on GitHub, etc. are in the open for all to see. Next phase will be sharding and splitting out data availability from consensus strictly speaking, exciting times!

martin8412 4y ago
At best it will be another hard fork. The miners need to vote on the change to PoS, and why would they? It would render their mining equipment worthless.
- arlcode 4y ago
  It's the other way around. The miners can't do anything to prevent the switch since most major Ethereum users (aka Infrastructure providers) are clearly in favour and are already participating in the POS chain (which is currently running in parallel and without transactions). When they update they miners are simply cut off. Furthermore, Ethereum contains a self destruct mechanism that requires a hard fork. Unless miners can coordinate a competing POW fork (and convince rich people that the bad PR and profits for them are worth it) they won't be able to do anything.
  - sascha_sl 4y ago
    Isn't ETC quite clear precedent for that? It obviously wouldn't be as large and probably suffer from everyone on real ETH selling off their duplicated assets, but it'll surely be a thing, a last ditch effort to keep mining rigs profitable before everyone moves on to the next best coin?
    - arlcode 4y ago
      Sure it could happen (and probably will in some form). However unless it captures a siginficant fraction of ETH value it won't be worth much and in turn won't be attractive to miners. Right now ETH makes up 95+ percent of all GPU miner revenue and there aren't a lot of (successful) new POW coins these days. I think the (GPU mining) market simply collapsing has a high likelihood.
TheCowboy 4y ago
When do they expect PoS will be live at the latest? Before the fall or next year?

martin8412 4y ago

At best it will be another hard fork. The miners need to vote on the change to PoS, and why would they? It would render their mining equipment worthless.

arlcode 4y ago
It's the other way around. The miners can't do anything to prevent the switch since most major Ethereum users (aka Infrastructure providers) are clearly in favour and are already participating in the POS chain (which is currently running in parallel and without transactions). When they update they miners are simply cut off. Furthermore, Ethereum contains a self destruct mechanism that requires a hard fork. Unless miners can coordinate a competing POW fork (and convince rich people that the bad PR and profits for them are worth it) they won't be able to do anything.
- sascha_sl 4y ago
  Isn't ETC quite clear precedent for that? It obviously wouldn't be as large and probably suffer from everyone on real ETH selling off their duplicated assets, but it'll surely be a thing, a last ditch effort to keep mining rigs profitable before everyone moves on to the next best coin?
  - arlcode 4y ago
    Sure it could happen (and probably will in some form). However unless it captures a siginficant fraction of ETH value it won't be worth much and in turn won't be attractive to miners. Right now ETH makes up 95+ percent of all GPU miner revenue and there aren't a lot of (successful) new POW coins these days. I think the (GPU mining) market simply collapsing has a high likelihood.

TheCowboy 4y ago

When do they expect PoS will be live at the latest? Before the fall or next year?