Ethereum accelerates scaling efforts despite resistance from miners

Amid clamoring from 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.

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.

Continue reading on BTC Peers

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link