- Vitalik Buterin releases statements on Ethereum moving to POS.
- Vitalik emphasized the usage of Ethereum Classic for people who like the Proof of Work consensus mechanism.
- Ethereum is all set to start the merger of POW to POS in September.
In the statements released by Ethereum Co-Founder Vitalik Buterin, Vitalik Buterin addressed the transition that Ethereum Protocol is undergoing. As per the statements released in the speech that took place on July 21, Vitalk said that people who like the Proof of Work consensus mechanism should use Ethereum Classic (ETC).
The Ethereum Co-Founder also said that Ethereum Classic is a fine chain with great potential. However, he emphasized that Ethereum (ETH) is highly expected to start the merging of POW to POS in September.
In his speech, he also mentioned that the Ethereum protocol today is undergoing a long and complex transition. The transition is for the betterment of the Ethereum protocol and is aimed at making it a more robust and powerful system.
The deep alterations that the protocol is undergoing involve the reduction in the monetary policy from 5M per year to somewhere around 166. Additionally, the transitions will focus on implementing an easy-to-use light client for the consensus layer, execution layer, and L2s as a default.
What adds more value to the transition in the Ethereum protocol that Vitalik mentioned is the fact that it will facilitate better support for home stakers and a smaller-scale decentralized staking pool. The protocol will carry the potential to run a full node on lighter hardware and comprises changes such as upgrades for quantum resistance.
The better the cryptography that comes out, the massively improved efficiency or simplicity can be utilized. However, all the upgrades are as per the current conditions, and it is not certain what will be the needs of 2032, which is ten years from now.