ETH PoS transition receives support from Vitalik Buterin amidst ongoing PoW discussion
Vitalik Buterin has responded to the concerns raised by members of the Ethereum community regarding the transition from the old proof-of-work model to a proof-of-stake consensus. Amanda Cassatt, the founder and CEO of web3 marketing studio Serotonin, tweeted that several Ethereum (ETH) supporters were unhappy with the current state of the network. Cassatt clarified that these views were not personal but were based on conversations she had been privy to. Buterin, the co-creator of Ethereum, joined the conversation and explained that the proof-of-work design had limitations that did not align with the network’s long-term vision.
Since its inception in July 2015, Ethereum has used a proof-of-work consensus mechanism similar to Bitcoin (BTC). Miners played a crucial role in this model by contributing to network security and allowing new tokens to enter circulation through ETH emissions. However, this changed with “The Merge” in September 2022 when Ethereum transitioned to a proof-of-stake infrastructure, replacing miners with stakers in a significant technological overhaul.
This transition divided proponents, with some expressing concerns about a shift in ETH’s fundamental values. A group led by Chinese miner Chandler Guo even formed to maintain a version of Ethereum’s proof-of-work chain. However, the project struggled to gain traction, and as of April 26, the native cryptocurrency ETHW was trading below $4 per CoinMarketCap.
On the other hand, Ethereum’s main proof-of-stake chain has experienced a surge in validator numbers and staking demand. In February, Crypto.news reported that over 25% of the circulating supply of ETH had been locked away to secure the network and provide yield for participants. Buterin has also proposed various measures to further decentralize staking and simplify Ethereum’s proof-of-stake model.
