Ethereum won't transition to PoS until 2021, says Messari CEO

11 May, 2019
by David Robb
Ethereum won't transition to PoS until 2021, says Messari CEO

The head of crypto research firm Messari believes that Ethereum's proof-of-stake (PoS) upgrade is unlikely to happen within the next year, as reported by CoinTelegraph. Speaking on a panel at ConsenSys’ Ethereal Summit, Ryan Selkis claimed that the transition wouldn't happen until 2021, "at the earliest".

Although a number of significant upgrades have gone ahead recently for the Ethereum network, the most significant change for Ethereum 2.0 will be the switch from PoW to a PoS system. Ethereum developers have claimed that the first stage of transition to a PoS consensus algorithm could be complete by the end of June, and early trials on a test beacon blockchain have already started.

Selkis is less optimistic about when the PoS transition will go ahead, claimed that there are still significant risks involved with changing the protocol. The current PoW system is "probably pretty good, and maybe even good enough", whereas PoS protocols are mostly untested. EOS, whose mainnet was officially launched in early 2018, is the only other leading crypto network to operate with a PoS protocol.

The transition to PoS is intended to solve major scalability issues for Ethereum, as well as being more secure. It it also a significant improvement over PoW in terms of energy efficiency, as it doesn't require miners.

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Read more about: Ethereum (ETH)


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