Vitalik Buterin responded to reports from ethereum community members complaining about the shift from the old proof-of-work model to a proof-of-stake consensus.
Amanda Cassatt, founder and CEO of web3 marketing studio Serotonin, tweeted that several ethereum (eth) proponents were dissatisfied with the current state of the network. cassatt x.com/amandacassatt/status/1783729580605624544″ target=”_blank” rel=””>stressed that the opinions were not personal and the posts reflected conversations that she was aware of.
The founder of the cryptocurrency also listed the reasons that some members of the community think.
“It has been interesting to note that many members of the ethereum community have privately expressed a desire to stay with pow rather than transition to PoS.”
Amanda Cassatt, Founder and CEO of Serotonin
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Vitalik Buterin, co-creator of ethereum x.com/VitalikButerin/status/1783746568492818710″ target=”_blank” rel=””>rang in the conversation, highlighting that the proof-of-work (PoW) design had drawbacks that were not aligned with the long-term vision of the network.
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Since its genesis block in July 2015, the second largest cryptocurrency blockchain, ethereum, adopted a PoW consensus mechanism similar to bitcoin (btc). Miners were key players in this model, contributing to network security and eth issuances to allow new tokens to enter circulation.
This changed after “The Merge” in September 2022, when ethereum moved to a proof-of-stake (PoS) infrastructure, replacing miners with participants in a massive technological overhaul.
Due to the PoS transition, the defenders were divided. Some decried a change in the fundamental ethos of eth, while a group led by Chinese miner Chandler Guo even banded together to maintain a version of ethereum's PoW chain.
The initiative disbanded its core team to embrace full autonomy, but the project struggled to gain traction. As of April 26, the native cryptocurrency ETHW changed hands for less than $4 per CoinMarketCap.
<img decoding="async" width="1024" height="417" src="https://crypto.news/app/uploads/2024/04/Screenshot-423-1024×417.png” alt=”Vitalik Buterin Backs eth PoS Transition Amid PoW Debate – 1″/>
On the other hand, ethereum's main PoS chain has seen a rapid increase in the number of validators and staking demand. crypto.news reported in February that more than 25% of the circulating eth supplied has been locked to secure the network and gain yield for participants.
Vitalik Buterin has also shared several proposals to further decentralize staking and simplify ethereum's PoS model.
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