Sep 30, 2021
Ethereum POW mechanism shifts to POS proof of equity
Ethereum POW mechanism is transformed to POS proof of rights and interests
With the energy-intensive PoW mining mechanisms of BTC and ETH were being banned, seeking a new consensus mechanism has become the goal of the common development of blockchain projects.
The multiple upgrades of the Ethereum network are for the transformation to the proof-of-stake mechanism of POS. Several changes to the network infrastructure solve the scalability and security of the Ethereum network so that it can process more transactions more efficiently.
At present, the upgrade of the Phase 0 beacon chain of Ethereum 2.0 was completed in December last year. The first phase completed the upgrade of EIP-1559 in August of this year. It is expected that the beacon chain will be upgraded with the Ethereum main-net in the first or second quarter of 2022.
If Ethereum 2.0 is launched next year, the transition from Ethereum to proof-of-stake may stimulate the market’s adoption of alternative consensus mechanisms, which will be a major upgrade and innovation in the mining market.
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