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 key step in the project, but 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 smart contract blockchain launched in 2016 as a hard fork of Ethereum.
Buterin also said that in the coming months, the developers of the Ethereum core will begin the final phase of the blockchain transition from Proof-of-Work (PoW) to Proof-of-Stake (PoW) consensus mechanism. 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 new coins will not be generated by miners.
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.