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- The shift from PoW to PoS in the ethereum ecosystem has many supporters.
- Buterin expressed the thought that Layer 1 should be steady and Layer 2 should be evolving.
Vitalik Buterin, Founder of Ethereum, while addressing the South Korea Blockchain Summit stated that he has been receiving enormous support for the Proof-of-Stake shift. The support is shown from both within and outside the Ethereum community.
One such notable support is from the founder of the TRON ecosystem, Justin Sun. Sun retweeted the Poloniex exchange’s tweet, that it will support the Ethereum post the potential fork too. Poloniex was the first exchange to list ETH and will also list possibly forking tokens ETHS & ETHW.
We currently have more than 1 million #ETH. If #Ethereum hard fork succeeds, we will donate some forked #ETHW to #ETHW community and developers to build #ethereum ecosystem. https://t.co/ee4kGSuVoK
— H.E. Justin Sun🌞🇬🇩 (@justinsuntron) August 4, 2022
Key Takeaways from Summit
At BUIDL Asia 2022, a blockchain conference that was organized by Krypto Seoul in South Korea, Vitalik Buterin addressed the audience about the development of layer 2 of Ethereum. According to Buterin, layer 1 must only act as the base and the evolution of the ecosystem should take place on layer 2.
Vitalik Buterin states:
“If a layer-1 tries to do everything, there are a lot of risks that can come out of that”
Layer 1 focus should be majorly on decentralization, maintaining security, and being responsible for the censorship. Layer 2 will be continuously changing, and adapting to the advancement of the technology and transforming ecosystem.
Ethereum is hitting the headlines frequently, and the much-expected shift from PoW to PoS will be unraveled in mid-September if everything goes as planned by the organization. The Ropsten testnet will hit the market in the coming week, and will be the last testnet before “The Merge”.