At a recent conference, Devcon, developers of Ethereum discussed the transition from Proof of Work (PoW) to Proof of Stake (PoS).
In recent days much heated debate on the transition to Ethereum 2.0, date of issue and status of the network. Vitalik Buterin and Joe Lubin even accused that their project is a fraud, while the scalability of Ethereum and remains a myth. Another FUD was reduced to the condition of the blockchain Ethereum 1.0 after moving to Ethereum 2.0.
Crypto Twitter is also divided into Ethereum haters and defenders. Ethereum Foundation is also accused that he did not give a clear explanation of the transition process. Now Buterin and Lubin decided to clarify the situation.
Acne Buterin shared details of the transition process. He explained that at the end of the transition blockchain Ethereum 1.0 “technically continues, but it will be useless and will die when he falls on hard ice age.”
Although the actual transfer will take about 6 hours, the process can happen in two years. Meanwhile, the Fund will implement the phases 0-2. The first phase will begin with the implementation of PoS, while the blockchain Ethereum 1.0 will work in parallel. However, in this phase, the withdrawal will be impossible.
In addition, Buterin explained that for most users the process will be in the background and unnoticed, but after the transition, the network will operate more consistently through use of PoS and EIP 1559.
After the transition to the new blockchain data will be added to new transactions and will be processed in the Ethereum 2.0 and not in Ethereum 1.0. According to him, the Ethereum 1.0 will “live” inside Ethereum 2.0, and this should put an end to the FUD surrounding the existence of the two chains.
“You go to sleep and when you Wake up, you will see that the transition to Ethereum 2.0 has already taken place,” said Buterin.