Ethereum PoW Mining Soon To Become Obsolete

Ethereum (ETH) may be switching from a proof-of-work (PoW) blockchain to a proof-of-stake (PoS) blockchain sooner than you might think, making Ethereum PoW mining obsolete.

During the most recent Ethereum core developers meeting on May 2 Ethereum researcher, Justin Drake claimed that code specifications for the Ethereum blockchain’s first-stage transition to a PoS consensus algorithm could be completed by June 30, 2019.

The entire bi-weekly meeting can be listened to below.

Ethereum’s Phase Zero Code Soon to be Completed

Phase zero, also known as Beacon Chain, is the name of the Ethereum network’s first phase transition stage from a PoW to a PoS consensus algorithm.

Phase zero is a part of the major network transition to Ethereum 2.0, which is Ethereum’s final stage of development that will see the blockchain launch a new block validation system that’s done by validators instead of miners.

Following phase zero, the second most important part of the Ethereum 2.0 update is sharding, which is a major scalability feature that splits up large batches of transactions into smaller and more easily manageable parts called shards to increase the speed and capacity of transactions on the Ethereum blockchain.

Regarding the development of phase zero, Ethereum core developer Drake said:

“We’re still very much on track. Still, [code] simplifications are coming through, which is great and the process of fine combing is also for finding these final bugs.”

The pre-release of phase zero was released in January 2019 and it appears that it’s now very close to being launched.

Do you think Ethereum will release things on time in 2019? Let us know what you think in the comment section below.