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7 years ago in #crypto by bitcoinflood (80)
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I think the move to PoS is very dumb. Rich will get richer and if only 25% of the coins are used to stake, you will need to own only 12.5% of the total supply to successfully attack the network. Furthermore it will be a huge mess if miners stay on the old chain after the hardfork, what will happen to all the ERC-20 tokens? You think Jihan will let it happen that his hardware becomes obsolete? The price of ETH could go up, but there are so many things that could go wrong, I am decreasing my holdings.....
But we see issues with mining as well it sucks up a ton of power and hardware and only a few select large mining forces end up actually mining a large portion of it.
Now everyone has a chance to mine it by just buying eth and holding on to it. This should also drive up the price as less will be in circulation as demand for it to buy and hold will grow.
POS system have proven to work and work better then POW systems
You make some really good points. I don't think I have more trust in any individual in crypto like I do Vitalik Buterin. I think long term Ethereum is a safe bet. If you lose half the ERC-20 tokens, well that fine, half are crap anyways. All the decent tokens will follow Ethereum and make sure they are prepared. But again, you make some strong points.
That's always going to be the case, regardless of the algorithm (actually, that will always be the case outside of crypto too). Of course PoS is far from perfect, but I think that it is the way to go.
Sharding is like lightning network kinda....
I wonder how the market will take a transition like this to increase scale and efficiency of the network. Positively, I hope, but its hard enough for folks to understand crypto, let alone the nuances of PoW and PoS.
The shift has some people scared, but I believe the change is very much needed. We can't seem to ignore the energy costs behind all the mining that we are doing and if crypto is to take over, we need to find a more efficient way to scale.
The upgrades to the Ethereum blockchain are long overdue, I think that was the silver lining of the cryptokitties. It showed us, the overly enthused that it was not the time to go mainstream, so this is extra great news to me... steps in the right direction.
Change is scary but it has to happen we already know what happens when nothing changes it curls up and dies lol
Very interesting! Upvoted!!
Such an implementation can provide a strong impetus to improve the efficiency of transaction processing, preventing network congestion, but it is not known how long the integration of Ethereum with the sharding protocol can take.
I had no idea that someone saved the NK and SK talks on the chain! I agree that it doesn't seem too big of a deal, but it actually is quite impressive. I think it'll go great places too!
Instead of each node going through the whole transaction history of the network. It will optimize the process of verifying transactions and contracts by splitting into partitions.
Transaction can now surely be faster
This post was a good news up from the title, sharding is an excellent innovation,
Although i have never doubted the rascality of ETHs capacity to overthrow boundaries and i can tell you this will be one very interesting one to watch, however bitcoin still keeps the lead till then.
Koreans and regulations and peace treaties, those guys are big guys!main guys
these are some great news!!! super exciting! thanks for sharing with us!!!
agree too!
Both NK and SK could have written a combined draft and minutes of their meeting on steemit and signed in comments below or upvoted the content.
Anyway, generally any agreement is on a paper blockchain. Written on paper, time stamped and distributed between peers as a copy is held with both i guess.
Change is not always bad, but with change comes resistance and we are going to see a huge drop and grinding off of people who do not agree with PoS. However there is also a huge push for PoS coins and it could swing back around and make Ethereium even bigger.
Great article, thanks for sharing. I've smashed the upvote button for you!
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i think so etherum is one of the best crypto.
etherum has great future, as like as bitcoin. thank you sir for your update
Steem also has a good future!
Very interesting analysis, the matter. Really liked it.
It will be a fair play when the more coins you will be having,the more intrest you will get.
Wow! Great update on the recent happenings on Ethereum. Nice one @bitcionflood
Well, Ethereum blockchain will definitely be included in history books few years from now. Let's wait patiently what will happen to the next chapter of Ethereum Blockchain story.
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Woah, i had no idea.
really very interesting article .... very beautiful
I like bitcoin
Could there not be a better name than this? Sharding...argh
I just sharded myself :P hahaha
Huh
Really interesting
This was indeed historical moment
I think at some point you need to take the old ship out into the ocean and use it as target practice. Retrofitting a ship is done as long as the ship can compete with other navy ships. Once it costs more to upgrade the ship than to build a new one altogether it is time to retire it. I think Ether is still viable and has a lot of influence in the crypto world, but at some point when these new mainnets like EOS and TRX go live in another month we will see a shift toward the newer faster tech. If there are no major problems then we could see a faster migration. But I don't see a plan that allows Ether to scale the way eos or trx were DESIGNED to.
Once eth moves completely to pos, we will see its true value. I hope they get there soon.
Very interesting. I'd like the shift to POS to move a little quicker.
Another great news for ETH hodlers! Sharding is coming to the Ethereum network. and it will goes to the moon :P
This was indeed historical moment.
Saving the NK and SK talks on the chain is quite impressive. Etherum has great future.
yay