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The co-founder of Ethereum suggested that two other PoW blockchain protocols could transition to PoS in the near future.
He also spoke about the Merge during the 2022 Mainnet blockchain event and gave a brief update about the next step in Ethereum’s development – the Surge.
- Ethereum made history on September 15, when it became the first large-scale blockchain protocol that successfully transitioned from proof of work to proof of stake.
- The ramifications of this significant change are yet to be seen in terms of network security, scalability, and usage, although the Ethereum Foundation claims that the energy consumption has declined by 99.9%.
- When asked at the Mainnet event if all PoW networks should follow Ethereum’s example, Vitalik Buterin responded in an affirmative fashion. In fact, he believes two current PoW-based cryptocurrencies – Dogecoin and Zcash – could be the next.
Selkis: Should all networks move to PoS?
— Messari (@MessariCrypto) September 23, 2022
- Interestingly, developers of both Dogecoin and Zcash have dabbled with the idea of transitioning to PoS, with the latter reviewing the possible pros and cons in a mid-2022 post.
- Just ahead of the Merge, Buterin outlined the next part of Ethereum’s roadmap – the Surge. Now, he said it will not be a single event like the Merge as it “will take place in stages.”
- So far, the Merge has turned out to be a sell-the-news event for Ethereum’s native token, as its price dumped from over $1,600 to under $1,400 in just over a week.