When is Ethereum Proof of Stake happening?


Longback in the past, Ethereum Proof of Stake was announced to be happening in january 2020, but it got postponed maybe fora later date. I just wish to know, when is the Ethereum Proof of Stake happening?

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Charlie Evans 4 months 1 Answer 52 views 0

Answer ( 1 )

  1. On a Blockchain Network like Ethereum, in order to validate transactions, in a decentralized manner, without the intervention of central authority, there has to be a way. At present Ether along with other currencies like Bitcoin, uses “Proof of Work” to validate their transactions.

    Here miners who use various types of computer hardware like graphics card, computer processors, and other social devices use processing power to solve complex mathematical puzzles to verify these transactions.

    By being first to solve transactions, miners add new transactions (that together forms a block) to the record of all transactions.

    For the efforts of the miners, they are awarded newly minted crypto like Ether.

    Proof-of-Stake is another way of validating transactions. Instead of miners, those who validate the transactions are called Validators. They lock up or stake crypto as a collateral for their right to verify transactions.

    Depending on network, certain factors such as how many coins are staked or how long the coins have been staked, determine, whether or not the validators get a chance to verify transactions

    As with Proof of Work, if you validate a new block of transaction, you will get rewarded a new crypto.

    To desensitise bad behaviour, staked coins are lost if a validator tries to harm the network to verify bogus transactions.

    Since Proof of Stake does not require much of miner’s effort. Many consider it a better system.

    Although it is still doubtful about the exact time of when the Ethereum Proof of Stake will be happening.

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