At the recent Ethereum Community Conference (EthCC), Ethereum co-founder Vitalik Buterin acknowledged that not all blockchain industry enthusiasts welcome the concept of a Proof-of-Stake mechanism.
The entrepreneur himself assured that he considers the upcoming changes for Ethereum a critical step in the project. Still, he recommended the Ethereum Classic blockchain to everyone who likes the Proof-of-Work system. The developer recalled that Ethereum Classic (ETC) is an open-source, decentralized intelligent contract blockchain launched in 2016 as a hard fork of Ethereum.
Buterin also said that the Ethereum core developers would begin the blockchain’s final phase transition from Proof-of-Work (PoW) to Proof-of-Stake (PoW) consensus mechanism in the coming months. This will allow the second largest blockchain in the world to migrate to the new version of the Ethereum 2.0 (Serenity) network, which is considered more scalable and resilient than the previous one.
According to Buterin, the latest updates from the developers of the Eth2 network show that the long-awaited Beacon chain merger is imminent. It is currently expected to take place in September this year. The launch of Ethereum 2.0 will end the era of Ethereum cryptocurrency miners, and miners will not generate new coins.
Instead, users will have to stake (stack) a certain amount of ETH in order to have a chance to be selected to validate blocks of transactions and thus be able to receive rewards.