Proof of stake ethereum date
Instead of having miners to validate transaction, we will have validators. Validators will stake their ethereum to be part of validating process. Currently it is is speculated that the minimum is 1, ether are required to be staked in order to be part of staking.
Stakers will be rewarded with transaction fees, and if they don't act accordingly their stake will be confiscated by the network. There are a lot of benefits with proof-of-stake. The most important is energy. This is a lot. This can't go on forever. By switching to proof-of-stake, it will make the whole ecosystem virtual and will cut almost all electricity cost.
With proof-of-stake you can use your laptop to validate transactions, and collect fees. This makes the whole system way more secure, because it will be more costly to try and attack the system. In comparison Bitcoin can approve transactions per second and Ethereum around 20 transaction.
It is estimated that Visa network can process around 55, transactions per second. This is minuscule compared to Ethereum network after introduction of Casper. With Sharding method, Ethereum ecosystem will be able to validate 1 million transactions per second, creating for the first time possibility of micro-payments. The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. August or September for Metropolis, then early for Serenity.
Nobody knows for sure, this is just the best guess. Few months to a year is not too much, if you hold Ether you should not think about selling. After POS we will have mass adaptation and Ether price will be way higher than now. Very well written article, i can only presume you will and should get a decent number of upvotes for this. You got mine anyway. If you have some more specific info around exact dates the phases were originally planned to be completed that would be great.
It will force a centralization of ownership of large investors and will decrease the appeal to hold the currency. Why have such a huge threshold is a mystery for me still. On a side note, i like some of your other posts as well, will follow you going forwards. You might find it interesting checking mine out and following back if appealing. In any case well done and keep em coming! Hi attalis thanks a lot for your comment.
I nobody knows dates for sure, but Metropolis should come within months. With Metropolis its expected also decrease of mining rewards which will be positive for ethereum price. POS should come out next year. For Ether, I think there will be the possibility of pools, lets say I have ether and you have ether, we can create a pool and stake and share the rewards. I believe in ethereum development team, and they wont let Ethereum be centralized like Bitcoin is.
Thanks, I followed you too. Indeed its an option to do, but still, what is the point? It's because masternodes are verifying transactions. The high amount ETH is required so you can't cheat.
Otherwise you could alter transactions and not get penalized. If you try to cheat the system and make fake transactions, you will end up losing the ETH. It's a kind of a bail and assurance to the ETH network that you will only verify valid transactions. Also Ether is not a sure thing, it can be less. I'm just assuming but it should be possible to create decentralized pools that rules can't be changed. This is just the beginning and possibilities are endless.
I myself am environmentalist and I think its a waste of resources for proof of work. There are other, nature friendly options. If the one controlling the pool has access to the funds, they could just take your funds instead. The point is, you shouldn't be able to gain more than you can lose.
So even if you managed to cheat and get ETH, it's supposed to be so you can never get more than ETH, and your profit will always be negative loss.
Would the nearest update in ETH make any change to network fee for sending tokens? I lately make some checks and the fees for sending tokens on various exchanges are starting with 0,5 for a token and in some cases are close to , which in the long term especially with growing price make those tokens useless.
With ETH scaling, fees should go down to almost nothing. That is about fees on ETH network, which should push down exchange fees. Still even if ETH fees go to zero, exchanges can charge, just like some banks charge if you take out your money.
What im trying to say fees on the network and exchange are different thing. Yes I know that - still even when you consider those on like myetherwallet the gas we shoud add is also very high. Is there any estimate date when those fees might change? Would it also implicate another ETH forks? I agree with you, the way bitcoin is going, it will be only a store of value. Casper will increase the value of Ethereum. STMs will increase the value of Steem. Every blockchain will have the opportunity to look at this new code and incorporate it into their own code-base.
Most of the major chains will likely shift away from PoW over time. It is simply not tenable in the long run. And by being open-source, Ethereum will show those other blockchains how they can transition without having to figure it all out from scratch. Also, some of that hardware that was being used to farm worthless hashes can be turned to projects like Golem and actually do real work like Blender CGI rendering.
Funny how Golem is an Ethereum-based token. Have to agree on the moving trend from PoW to PoS. But I am quite not sure why the cryptos do not compete each other. Is the statement based on your experience so far? Cryptos are not companies, and even if they were, they are open source. Name two open source projects that compete with each other. There are hundreds of versions of Linux. Imagine there being hundreds of versions of windows or OSX.
That kind of diversification simply does not happen with centralized projects. How can two open source projects compete with each other when both sides can use the code of the other? This post has been upvoted from the communal account, minnowsupport , by Edicted from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows.
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Hmm is this in response to dan 's attack on the proof of work concept and ETH owning up to the fact it cant scale the way that it needs to? Ethereum is Switching to Proof-Of-Stake. What does this mean for Ethereum? Should Steem be worried?
Conclusion Blockchain tech is evolving at an exponential rate.