Ethereum (ETH) Proof of Stake may be launched sooner than we thought

According to a blog post published by ConsenSys, a leading distributed ledger technology (DLT) company, the leading smart contract platform #Ethereum# (ETH) may be based on the proof of equity or PoS blockchain consensus as foundation. Ethereum (ETH) is earlier than we thought.

The author of this article, James Beck, pointed out that as more creators use Ethereum to issue the non-fungible token (NFT), “the problem in the past five years has also been completely awakened: when will Ethereum shut down the energy, the intensive proof of work mechanism, and replace it with proof of stake?”

Baker pointed out that the “good news”, which is since the introduction of the Beacon in December last year, the “Proof of Stake (PoS) already exists technically.” He confirmed that more than 100,000 active validators are currently staking 3.4 million Ethereum (approximately US$6.3 billion). Baker further explained that this new PoS system is a “smoothly running” system that is part of the entire network upgrade (known as Ethereum 2.0). In evaluating when the Ethereum community can be benefitted from this, he clarified that this type of open source development does not always lead to a clear roadmap.

Ben Edgington, the Product Owner for the ConsenSys Teku eth2 client, pointed out in 2019 that the Ethereum’s “bazaar” development model may begin to pay off in 2020.

For people who may not have read Eric Raymond’s 1997 article “The Cathedral and the Bazaar” on open source development, the argument is, “When you involve a wide range of people in the development of a software project, it looks very confusing. However, it will eventually produce a more productive and mysterious design structure.” Baker added. He also pointed out that Linux may be “the best example of a software development market model, as Ben pointed out, there is not much roadmap.”

Baker added: “Ethereum 2.0 also follows this bazaar model. Engineers from all over the world can participate as developers, submit GitHub issues, post ideas on Ethresear.ch, or master Twitter, Telegram or Discord. Discussions are always going on to revise the function of Eth2 roadmap, not its error.”

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