The Ethereum blockchain and the cost of gas have become a cause of concern for developers and users alike. While speaking to BTC Peers about this major sticking point, Smart Billions’ Chief Technology Officer (CTO) Jason Mitchell had a lot to say about the Ethereum 2.0 upgrade.
The CTO described the proof-of-stake (PoS) algorithm, which the Ethereum network is set to segue into as part of its Ethereum 2.0 upgrade as a “beautiful and well crafted” mechanism, albeit quite complicated to get a hang of. From the standpoint of validators, the PoS consensus mechanism leads to ambiguity and unpredictability which in turn poses an entry barrier for capital-efficient validators.
Highlighting the determining factors of security on the Ethereum 2.0 network, the CTO revealed that attacks are easier to scale on ETH 2.0 than it was on ETH 1. As a solution to this growing problem, Jason Mitchell recommends an increase in the base reward on the Ethereum network to at least 128.
Recognizing the plethora of risks associated with raising the network’s security charge, the CTO believes it will be better to err on the part of caution throughout the phased migration to the proof-of-stake consensus mechanism.