Ethereum

when

April

Read

<p class="is-style-lead">Vitalik Buterin responded to reports of Ethereum community members bemoaning the switch from the old proof-of-work model to a proof-of-stake consensus.&nbsp;</p> 
<p>Amanda Cassatt, founder, and CEO of web3 marketing studio Serotonin, tweeted that several Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="">ETH</a>) proponents were dissatisfied with the network’s current state.&nbsp;Cassatt <a href="https://x.com/amandacassatt/status/1783729580605624544" target="_blank" rel="">stressed</a> that the views were not personal and the posts mirrored conversations she was privy to. </p> 
<p>The crypto founder also listed reasons opinionated by some community members.&nbsp;</p> 
<blockquote class="wp-block-quote"> 
 <p>“Been interesting to notice a lot of Ethereum community members privately expressing the wish that it had stuck with pow instead of transitioning to PoS.” </p> <cite>Amanda Cassatt, Serotonin Founder and CEO</cite>
</blockquote> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Also 3. Being connected to the real world, so the price of energy to power mining factors into the network</p>— amanda.eth (@amandacassatt) <a href="https://twitter.com/amandacassatt/status/1783729580605624544?ref_src=twsrc%5Etfw" target="_blank" rel="">April 26, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Ethereum co-creator Vitalik Buterin <a href="https://x.com/VitalikButerin/status/1783746568492818710" target="_blank" rel="">chimed</a> into the conversation, highlighting that the proof of work (PoW) design held drawbacks that misaligned with the network’s long-term vision.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">PoW was also quite centralized. It was just not talked about as much, because everyone knew it was only a temporary stage until PoS.<br><br>And that doesn't even get into how we probably mostly avoided ASICs only because the upcoming PoS switch meant no incentive to build them. <a href="https://t.co/OhaqmRiiGJ" target="_blank" rel="">pic.twitter.com/OhaqmRiiGJ</a></p>— vitalik.eth (@VitalikButerin) <a href="https://twitter.com/VitalikButerin/status/1783746568492818710?ref_src=twsrc%5Etfw" target="_blank" rel="">April 26, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p> You might also like: <a href="https://crypto.news/vitalik-buterin-reveals-six-focuses-ethereum-2024/" rel=""> Vitalik Buterin reveals 6 main focuses for Ethereum in 2024 </a> </p> 
<p>Since its genesis block in July 2015, crypto’s second-largest blockchain, Ethereum, adopted a PoW consensus mechanism similar to Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="">BTC</a>).&nbsp;Miners were key players under this model, contributing to network security and ETH emissions to allow new tokens to enter circulation.&nbsp;</p> 
<p>This changed after “The Merge” in September 2022 when Ethereum moved to a proof-of-stake (PoS) infrastructure, replacing miners with stakers in a massive technological overhaul.&nbsp;</p> 
<p>Due to the PoS transition, proponents were divided. Some decried a switch in ETH’s fundamental ethos, while a group led by Chinese miner Chandler Guo even banded together to maintain a version of Ethereum’s PoW chain.&nbsp;</p> 
<p>The initiative <a href="https://crypto.news/ethereumpow-dissolves-core-team-embraces-full-autonomy/" target="_blank" rel="">dissolved</a> its core team to adopt complete autonomy, but the project struggled to gain traction. As of April 26, the ETHW native cryptocurrency changed hands under $4 per CoinMarketCap.&nbsp;</p> 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14268575"> 
  <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/04/Screenshot-423-1024x417.png.webp"> 
  <img loading="lazy" decoding="async" width="1024" height="417" src="https://crypto.news/app/uploads/2024/04/Screenshot-423-1024x417.png" alt="Vitalik Buterin backs ETH PoS transition amid PoW debate - 27"> 
 </picture> 
 <figcaption class="wp-element-caption">
  ETHW price chart | Source: CoinMarketCap
 </figcaption>
</figure> 
<p>On the other hand, Ethereum’s main PoS chain has seen skyrocketing validator numbers and staking demand. Crypto.news reported in February that more than 25% of ETH circulating supplied has been <a href="https://crypto.news/ethereum-achieves-staking-milestone-with-25-of-circulating-supply-now-staked/" rel="">locked away</a> to secure the network and earn yield for participants. </p> 
<p>Vitalik Buterin has also shared various proposals to <a href="https://crypto.news/vitalik-buterin-rainbow-staking/" rel="">decentralize staking</a> further and <a href="https://crypto.news/vitalik-buterin-pitches-3-pathways-to-simplify-ethereums-pos-model/" rel="">simplify</a> Ethereum’s PoS model. </p> 
<p> Read more: <a href="https://crypto.news/vitalik-buterin-ethereum-update-details/" rel=""> Vitalik Buterin reveals details on next Ethereum update </a> </p>

Vitalik Buterin backs ETH PoS transition amid PoW debate

crypto.news

Other articles published on Apr 26, 2024

Solana tops Bitcoin, Ethereum in NFTs, but should SOL prices worry you?

Can Terra Classic Coin Leverage Market Consolidation For a Price Rally?

Top 5 Lesser-Known Altcoins to Turn $1,000 into $1M During This Crypto Bull Run

Ripple XRP Lawsuit Update: Here Are Key Dates On The Horizon

Federal Reserve’s key inflation metric goes bearish on US economy

Marathon Digital Sets Bold Growth Targets for 2024

Join our free newsletter for daily crypto updates!