Ethereum accelerates scaling efforts despite resistance from miners
Amid clamoring from Ethereum miners to halt the move to implement a gas-saving solution, Ethereum developers appear to be speeding up the transition to the Proof-of-Stake algorithm. Mikhail Kalinin, one of the network’s devs published the specifications for the blockchain merge with Eth2.
According to the publication, one of the core changes to be implemented is a transition from PoS to PoW.
0. With NFTs and Eth's move to Proof of Stake in the news, I often see comments like:
— Josh Stark (@0xstark) March 11, 2021
"Eth has been promising to move to PoS for years, but..." or "Eth2, still under development, may launch in a year or two...."
But how many people realize that Eth2's PoS is already... live?
As reported by BTC PEERS, while the scheduled implementation of the Ethereum Improvement Proposal-1559 in July would be beneficial to lowering gas fees, some miners are against the move because they stand to lose significant revenue. Ethereum devs are undeterred by their clamoring and are pushing to ameliorate high fees and network congestion.
Last week, Ethereum’s co-founder Vitalik Buterin said that if mines threaten to pull a 51% attack, “[the network] will move to PoS as soon as possible.”
In addition to tackling the high fee issues, EIP-1559 has been paired with a delay to the difficulty bomb in the London upgrade. This increases the difficulty of a hard fork.
A Redditor with the handle Always_Question opined that the Merge should be prioritized. He said:
Having the Merge at the ready provides a fallback for the community should a cartel of miners collude to neutralize the positive effects of EIP 1559.