Ethereum shift to Proof-of-stake Consensus will make ETH 55% complete
The Co-founder of Ethereum blockchain said that we should consider that ETH will be 55% complete after the merge work, successful shift of Ethereum blockchain Network from PoW to PoS.
Ethereum is the second biggest crypto asset in the crypto market, just after bitcoin. This coin is based on the Proof-of-work Consensus model, which is inefficient consensus, So developers are working to shift the Ethereum blockchain network from Proof-of-work (PoW) to efficient consensus Proof-of-stake (POS). With the shift of the Ethereum network, developers aimed to bring high efficient blockchain transactions.
On 21 July, Fortune reported that Ethereum co-founder Vitalik Buterin said that Bitcoin lovers think that Bitcoin is completed by 80% but Ethereum is completed by 40%, Speaking at the Ethereum Community Conference (EthCC) in Paris.
Vitalik said that after the completion of development work “merge”, make the Ethereum blockchain jump for the remaining 40%. However, the merge of the Ethereum blockchain will make Ethereum 55% complete.
“Ethereum can go up to being 55% complete after the ‘merge,’” Buterin said. “We’re getting close, which is amazing.”
Buterin also described the ability of the Ethereum blockchain as highly efficient, after the shift of Ethereum from PoW to PoS.
Competition against Ethereum
At present, the Ethereum blockchain ecosystem is under huge stress because of the huge number of Defi protocol activities on the Ethereum network.
However, Bitcoin, which also operates on Proof-of-work consensus, is facing no competition because people see Bitcoin as the best store of value assets. But here the case of Ethereum is different and people are dependent on the Ethereum blockchain as a highly trusted blockchain Network after bitcoin.
Huge numbers of services can be used with the Ethereum blockchain but high transaction fees are a big issue and here Ethereum wants to bring efficiency through the “merge”.
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