Cryptocurrency Q&A
What happened to Ethereum PoW?
What happened to Ethereum PoW?
EchoSeeker
Fri Jun 21 2024
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6 answers
1650
I'm curious to understand what precisely transpired with Ethereum's Proof of Work (PoW) consensus mechanism. Could you elaborate on the key events and changes that led to the transition from PoW to Proof of Stake (PoS)? I've heard there were concerns over scalability, energy consumption, and decentralization, but I'd like a more detailed account of how these issues shaped the shift and the specific implications for the Ethereum ecosystem. Additionally, what does the move to PoS mean for Ethereum's future, and how does it position the network in comparison to other blockchain platforms?
6 answers
Federica
Sun Jun 23 2024
In a significant move, Ethereum decided to abandon the proof-of-work consensus mechanism in 2022.
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DaeguDivaDanceQueenElegantStride
Sat Jun 22 2024
As a result, proof-of-work is now deprecated in Ethereum, and the network fully utilizes proof-of-stake as its consensus mechanism. This transition has paved the way for a more sustainable and efficient future for the Ethereum blockchain.
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Raffaele
Sat Jun 22 2024
This shift marked a departure from the traditional mining-based approach that had been a cornerstone of the Ethereum network.
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Chloe_thompson_artist
Sat Jun 22 2024
With the switch to proof-of-stake, Ethereum aimed to improve scalability, energy efficiency, and security.
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SsangyongSpiritedStrengthCourageBravery
Sat Jun 22 2024
Proof-of-work, while effective in the past, had become increasingly outdated and resource-intensive.
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