Ethereum is expected to migrate from proof-of-work to proof-of-stake consensus

by George Georgiev
7 ways to make with crypto

Ethereum is expected to migrate from proof-of-work to proof-of-stake consensus

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

As reported by Colin Wu, Layer 1 blockchain Conflux is setting itself up to receive Ethereum miners after the Merge by proposing a change of its mining algorithm to Ethereum’s proof-of-work consensus, Ethash. However, specific details regarding the proposal are pending.

Ethereum is expected to migrate from proof-of-work to proof-of-stake consensus, come Sept. 19, through “The Merge” update. Proof-of-work cryptos are highly dependent on mining, while proof-of-stake cryptos are not. Thus, the upcoming Merge event might disenfranchise the largest EVM Proof of Work mining ecosystem.

Ethereum Classic, a hard fork that was launched in July 2016 after the infamous DAO hack, might attract those members of the community who want to stick with the proof-of-work consensus mechanism, as it operates on a modified version of Ethash called ETChash.

As reported by U.Today, the Ethereum Classic project has penned a note welcoming “disenfranchised” ETH miners who may lose out on their stream of income when the Merge occurs. The reported success it is seeing in migration likely contributed to the latest growth.

ETH Goerli testnet successfully merges

The final testnet to merge, Goerli, successfully underwent a proof-of-stake transition. As the Merge update slated for Sept. 19 approaches, there has been speculation of numerous Ethereum PoW forks arising.

As reported by U.Today, Ethereum creator Vitalik Buterin believes that potential hard forks might not cause any significant harm to Ethereum. He says that members of the community are solidly behind the upgrade, which implies that attempts to launch competing versions of the chain are unlikely to gain much traction with disgruntled miners.

Along these lines, Circle Internet Financial, an issuer of the crypto stablecoin USDC, said it will not support any offshoots of Ethereum when the blockchain network undergoes its proof-of-stake transition.

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