Official proposal for Ethereum’s transition to Proof-of-Stake published

Lead Ethereum Foundation developer Danny Ryan published the official Ethereum Improvement Proposal EIP-2982, proposing the launch of Ethereum 2.0 and the transition of the second-largest cryptocurrency by market value from a Proof-of-Work consensus algorithm to Proof-of-Stake.

“The Ethereum Improvement Proposal (EIP) relating to Serenity phase zero (eth2), a major upgrade of Ethereum’s consensus mechanism from PoW to PoS with support for sharding,” the description reads.

If approved by other leading developers, the Serenity launch—the zero phase of Ethereum 2.0—would become possible. As part of it, the Beacon Chain would be activated, where Proof-of-Stake would be used.

On August 4, the launch took place of the final Ethereum 2.0 testnet named Medalla. Despite certain problems, Prysmatic Labs developer Raul Jordan expressed confidence that Ethereum 2.0 would be ready to launch by the end of the year.

Earlier this month, Ethereum co-founder Vitalik Buterin suggested that upgrading the network to its second version would help address the problem of high transaction fees. Some experts in the decentralized finance space disagreed with this view.

Subscribe to ForkLog news on Telegram: ForkLog FEED — all the news feed, ForkLog — the most important news and polls.