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In a recent Ethereum (ETH) core developers meeting held on May 2nd, experts discussed the first-stage transition to a proof-of-stake (PoS) consensus algorithm. Ethereum wants to move towards a full Proof of Stake network to make the system much more efficient than now. The first stage of this improvement could be completed by June 30, 2019.
Ethereum Developers Discuss Future Improvements
Ethereum is the second largest digital asset and blockchain network in the market. There are many companies and firms that are working with this network and many others would certainly do it in the future. Although Ethereum has been very successful, there are some issues that the network must yet face and solve.
One of these issues is related to scalability and performance. Developers agreed to move towards a PoS network in which the network would be faster and consume less energy.
The Ethereum researcher Justin Drake explained that the developers’ team is currently expecting to prepare code specifications of phase zero by the end of June this year.
About it, the developer said:
“We are still very much on track. Still [the code] simplifications are coming through, which is great and the process of fine combing is also for finding these final bugs.”
Phase zero is the name of the first stage of the Ethereum transformation from Proof of Work (PoW) to Proof of Stake. This would allow Ethereum to move to the network 2.0, that is set to launch a new block validation system. Validators holding ETH will be the new holders in charge of confirming transactions that take place in the network.
The second most expected update for Ethereum, sharding, will be helping the network to scale and increase the number of transactions that Ethereum is able to process on its network. At the moment, Ethereum is able to process around 15 transactions per second (TPS). Bitcoin can process just 7 TPS. Other networks such as Tron (TRX) and EOS have solved scalability issues with a more centralized network.
In addition to it, the recognized Ethereum developer Hudson Jameson informed that a third-party audit of the ASIC-resistant PoW algorithm called ProgPow was funded.
At the time of writing this article, Ethereum is the second largest digital asset in the market. Each ETH can be purchased for $164.49 and it has a market capitalization of $17.42 according to data provided by CoinMarketCap.
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