Why does ETH need to switch from PoW to PoS (Is it beneficial for ETC to switch to PoS)?
Why does ETH need to switch from PoW to PoS? According to the Ethereum communit
Why does ETH need to switch from PoW to PoS? According to the Ethereum community, the difference between PoS consensus mechanism and PoW mining is that ETH needs to transfer staked assets to suitable individuals for system governance, and then decide whether to add new validator nodes through voting. However, in order to ensure network security and maintain stability, ETH must first upgrade its existing beacon chain client to Proof-of-Work. This means that we can choose not to use PoW or other PoW modes, but convert it to a Proof-of-Stake (PoS) blockchain protocol (which supports various DApps on Ethereum). In other words, should we use PoW or PoS?
Here is a brief introduction to how ETH will transition from PoW to PoS. In the following content, we will no longer discuss the reasons for the fork, as there may be two main concerns for some developers: First, when you want to run your smart contract, do you want to spend money to build a new application? The second is the issue encountered in this process: If you want to deploy your own DeFi application and conduct transactions, are you willing to let others help process their transactions? Therefore, I personally recommend not directly acting as a market maker like many centralized exchanges. Centralized exchanges like Coinbase also provide these services. Therefore, I believe that ETH has now been designed as a deflationary asset. However, over time, the following situations may occur: 1. Do you intend to abandon your ETH when your holdings increase? 2. Once you start operating new Ethereum nodes, do you think you are considering exiting the platform? 3. If you are not aware of this, can you restart your Ethereum node and update your software in the next few weeks instead of just staying in the previous code? 4. When will it go live? 5. Finally, please remember not to leave too early.
Is it beneficial for ETC to switch to PoS?
According to ethereumworldnews, it is currently unclear what impact the switch to PoS mechanism will have on the Ethereum ecosystem. The ETH-to-POS plan is divided into four phases: PoS and Proof of Stake.
The PoW consensus protocol is the forked coin of the main chain, while Proof of Stake is the operating mode of the network driven by the Proof-of-Work (PoW) mechanism. According to the official statement, this will allow validators in the network to choose who is more secure, who can control their own transactions, and other assets they want to use on the blockchain platform. Therefore, transitioning from PoS to Proof of Stake means conducting new block confirmations or restarting the system in a PoW environment.
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