ETH : the Change from Proof of Work to Proof of Stake

ETH : the Change from Proof of Work to Proof of Stake

By Beren | My life to crypto | 5 Nov 2020


Regarding to the latest annoucement of ETH on November 4, 2020. Seems the platform of Ethereum 2.0 is planned on 1 December 2020. It said that the first Block under the Proof of Stake concept will be started when the amount of ETH meets the requirements.
The first Block of Proof of Stake requires at least 16,384 deposits by validators with 32 ETH for each transaction to generate first block, means at least 524,288 ETH will be on the staking platform.
Let's see what the different between the Proof of Work and the Proof of Stake. The Proof of Work consumes the high energy resources regarding to the computer processing activity during the mining, this also means the unfair Chances on rewards between Grand-master and Small-batch miners. But for the Proof of Stake, the reward to staker is based on the staking amounts.
The staker will receive a new ETH from ETH transaction fee as a reward, the more stakes the more reward returns, it will no longer depend on how expensive processing machine you have. So that the meaning of Grand-master and Small-batch from previous ETH blockchain system will be changed, anyone can be a Grand-master by the Proof of Stake concept.
However, the ETH mining pattern under the old blockchain system will be available for miners until further notice. For those who interested in ETH Proof of Stake, the deposit is now available.

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