Ethereum to Transition to Proof of Stake in Coming Months, Reducing Energy Consumption by 99.95%

[Metroid]

You likewise have a known axe to grind with crypto, and furthermore no ties to the project. I'll go with the dev blog here.

ETH devs have missed all deadlines possible to this date, pos should have been done by 2018 and to this date is not finished yet, so yeah go with the dev blog, invest on or keep holding it then like many other sheeps stay hoping they deliver in the coming months.

 

[lexluthermiester]

Not based on compute so much as who holds the coins. If you have 32 eth (I think that's the number) you can act as one of the few "validators" that run the blockchain. In exchange, you are rewarded, but for your "staked" eth quantity rather than compute power. Thus there is no real incentive to overpower your node beyond just a server and cpu. There is incentive to "stake" more coins (which are then frozen).

Eth staking pools already exist for the 99% with less than 32 eth. They are potential points for scams of course, but so were mining pools really.

That's the basics, as I understand them.

Ok, but there still has to be a generation aspect of the remaining portion of the block chain that is undiscovered. There is a finite limit but that has not been reached as I understand. So how would that be generated? There has to be at least some form of mining involved unless they're just going to leave the remainder undiscovered.

 

[R-T-B]

Ok, but there still has to be a generation aspect of the remaining portion of the block chain that is undiscovered. There is a finite limit but that has not been reached as I understand. So how would that be generated? There has to be at least some form of mining involved unless they're just going to leave the remainder undiscovered.

I'm not entirely up to date on the technical details, but would assume "validators" work on future blocks on equal terms, only without the incentive for massive, overpowered rigs. The reward distribution is however modified to be based on staked coins rather than "finders first."

 

[lexluthermiester]

I'm not entirely up to date on the technical details, but would assume "validators" work on future blocks on equal terms, only without the incentive for massive, overpowered rigs. The reward distribution is however modified to be based on staked coins rather than "finders first."

Interesting. If true, this could be an amazing way to continue ETH without all the downsides.

 

[R-T-B]

Interesting. If true, this could be an amazing way to continue ETH without all the downsides.

I think I'm right on my representation, but of course, words are cheap. We need action.

 

[lexluthermiester]

I think I'm right on my representation, but of course, words are cheap. We need action.

I've been reading elsewhere. You more or less hit the nail on the head.

 

[lemkeant]

ETH devs have missed all deadlines possible to this date, pos should have been done by 2018 and to this date is not finished yet, so yeah go with the dev blog, invest on or keep holding it then like many other sheeps stay hoping they deliver in the coming months.

I've been critical of your crypto posts before, but all of your posts have hit the nail on the head in very recent history.

0% chance this is done this year. Maybe they get some code deployed, but finished or even out of testing? Nope

My other prediction, this doesnt help gpu availability as much as people think. Although I hope it does, I dont think the days of $400 3080's are coming

 

[Shrek]

So can someone explain to me why so much energy had to be squandered in the first place?

 

[R-T-B]

So can someone explain to me why so much energy had to be squandered in the first place?

PoW is the only reliable/fair way to start the issuance of coins. They can't just hand them out randomly to friends.

 

[Shrek]

One sells them?

 

[R-T-B]

One sells them?

Then you are just luring rich people with the promise of more riches. That's the definition of a scam imo. There will be no equality in distribution.

I know, everyone likes to call crypto a scam, but some coins are actually trying to be fair and avoid the label.

 

[medi01]

Good to see that even financial bubbles are "going green"....