Menu
Join our feeds to automatically receive the latest headlines, news, and information formatted for your club's website or news reader.

‘If You Like PoW, Use Ethereum Classic,’ Says Vitalik Buterin

Written by
‘If You Like PoW, Use Ethereum Classic,’ Says Vitalik Buterin thumbnail
  • Vitalik Buterin shared his outlook for the long-term future of the Ethereum Network.
  • Buterin believes the network will be 55% complete by the end of the Merge.
  • The remaining proof-of-work supporters should use Ethereum Classic (ETC): he advised.

At the fifth edition of the Ethereum Community Conference in Paris on July 21, 2022, co-founder of Ethereum (ETH) Vitalik Buterin presented his outlook for the long-term future of the second-largest blockchain project.

Buterin first noted that Ethereum was undergoing a long and complicated transition toward becoming a much more robust and powerful system, and completing it involved deep changes. These include the Merge, a change in the existing monetary policy, the transaction inclusion process, the security model and more.

Buterin believes the network will be 55% complete by the end of the Merge or transition to the proof-of-stake (PoS) protocol. He said so, referring to the common argument in the Bitcoin (BTC) community that Bitcoin is 80% complete.

Commenting on the merits of PoS, Buterin admitted that transitioning to it is a big change with lots of benefits. And for the few remaining proof-of-work (PoW) supporters in the Ethereum community, he advised them to use Ethereum Classic (ETC) instead. “They have a welcoming community [and] a totally fine chain,” he concluded.

The full speech is available on YouTube:

In terms of changes worth making in the future, Buterin suggested upgrades for quantum resistance. In his words: “Once quantum computers come, we have to upgrade to different cryptography.”

Additionally, the Ethereum co-founder said the network would over time settle from the rate of change:

At some point, the rate of change for the protocol will have to slow down. And Ethereum will then look somewhat more like a system that optimizes for safety and predictability, and less like an ecosystem that optimizes for impressing and dazzling people.

Article Categories:
Bitcoin · Ethereum · Ethereum News · Latest Post · News · PoW · Vitalik Buterin

Leave a Reply

Your email address will not be published. Required fields are marked *

Shares