April 17, 2021

Eth2 transition accelerates amid rumblings of a miner rebellion

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Ethereum’s developers appear to be hastening the network’s shift toward Proof-of-Stake consensus and away from the Proof-of-Work mining community.

On March 11, developer “Mikhail Kalinin” published specifications for Eth2’s future blockchain merge with the existing Ethereum network. The documentation notes the consensus upgrade from PoS to PoW will be the core change enacted.

6. This is usually called the “merge” – when the existing Ethereum network will swap over to using the Beacon chain, instead of Proof of Work.

There’s growing consensus that the merge ought to be prioritized as the next step, see e.g. https://t.co/JlgD1S3GrY

— Josh Stark (@0xstark) March 11, 2021

The publication of specs comes as tensions between Ethereum miners and developers ramp up. Miners stand to lose significant revenue with the transition to proof-of-stake, while Ethereum’s developers are keen to ameliorate the persistently high fees and congestion on Ethereum.

Last week, Cointelegraph reported that Ethereum’s core developers had scheduled to implement Ethereum Improvement Proposal-1559 in July, which will replace Ethereuem’s existing fee market with a flat price and burnTitle: Eth2 transition accelerates amid rumblings of a miner rebellion
Sourced From: cointelegraph.com/news/eth2-transition-accelerates-amid-rumblings-of-a-miner-rebellion
Published Date: Fri, 12 Mar 2021 01:51:32 +0000