Ethereum may move to Proof-of-Stake faster in response to miners ultimatum

Ethereum co-founder Vitalik Buterin proposed a method to quickly merge the existing blockchain with Ethereum 2.0. This will accelerate the transition of the second largest cryptocurrency from the Proof-of-Work consensus mechanism to Proof-of-Stake.

“The purpose of this document is to describe a fast merge mechanism for small changes to ethpow or Beacon Chain clients. The only change needed on the ethpow side is that clients must have channels to communicate with trusted Beacon Chain nodes and change their fork selection rules. A minimal merger will simplify further work, since you don’t have to worry about it anymore, ”he writes.

Not long before that, Ethereum miners announced their intention to pool their computing power to oppose the EIP-1559 proposal. The proposal, co-sponsored by Buterin, calls for a change in Ethereum’s fee model so that most of the fees paid by users are burned rather than sent to miners. EIP-1559 has been approved by the developers for inclusion in the London hard fork due in the summer.

As noted by James Baker of the Status startup:

“The Ethereum community quickly orchestrated potential solutions for a possible 51% attack, with Vitalik taking the lead.”

Baker writes that the opponents of EIP-1559, according to their own statements, have already gathered enough resources to attack. However, even without the threat of miners, the fast merge option may be preferable as it simplifies the transition process.

This week developer Mikhail Kalinin presented his own technical specifications for merging two chains. According to the Ethereum Foundation’s roadmap, the merger should take place during Phase 1.5, scheduled for 2022. Buterin in the latest publication emphasizes that his proposal does not exclude the results of Kalinin’s work, since it is only the first step in a larger process.

Leave a Reply

Your email address will not be published. Required fields are marked *