Ethereum Moves Towards Proof Of Stake

As a computer scientist, I prefer the design of Ethereum over most blockchain technologies. It as a significant improvement over older peer computing compensation models. Ethereum is a peer computing network with a fair compensation algorithm.

However it is not perfect. The people behind Ethereum know that and are moving to improve that.

Ethereum 2.0 will be a new blockchain based on Proof Of Stake. Proof Of Stake means the companies adding transactions to the chain must offer some of their currency to be given a transaction to process. If they are caught cheating the system they lose their stake.

Personally I prefer this model for many reasons. The biggest benefit is the reduction in compute power needed to process transactions. Bottom line – it is better for the environment.

I’m hoping this gets done in 2019 and gains a strong following.

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