Thread by @matiasfha

Good news crypto folks.

The Hard-fork of @ethereum just entered Phase 0 of its transition to Proof of Stake meaning that around Q3 it will be a greener future!!

It will consume 99.9% less energy than the current situation

Read more about it!🥸

ethereum.org/en/eth2/

But why all the fuzz? What is Proof of Stake?

This is a mechanism to allow the decentralized network to come to a consensus or agreement about the transactions, addresses, and overall status of the network.

Currently, the Ethereum network validation mechanism relies on a process known as Proof of Work.

In simple: it requires that all the miners run a race to check who can determine the result of a cryptographic puzzle. The winner earns the fees and adds the block to the Blockchain

This is a good strategy to ensure that the miners really do what they meant to do, but it has a big problem. Everyone runs the race so everyone spends big computational resources to win the competition and therefore the most powerful often wins

These incentives some kind of centralization but also spend valuables resources, this is one of the biggest discourses against crypto, the damage that this tech does to the nature.

Read more about Proof of Work in the docs
ethereum.org/en/developers/…

Now, what is Proof of Stake?

This is the upgrade to @ethereum it will change the way that transactions are validated lowering the power consumption and gas fees.

> @WhiteboardCryp1 folks explain it in this video

This consensus mechanism does not require the miners (now validators) to run a race the get the nonce of a block, instead, the validators need to stake an amount of ETH.

They have to put some of their money in the game (32 ETH) to become a validator, then perform your work in a good way or lose some of that money. This will be a new way to ensure valid transactions and add blocks to the chain.

So in this mechanism there are no big energy requirements cause' the validators will be randomly chosen, so there will be no competition.

Advantages of PoS?
- better energy efficiency.
- lower barriers to entry, reduced hardware requirements
- stronger immunity to centralization
You can read more about Proof-of-stake here
ethereum.org/en/developers/…

So, let's cross our fingers and wait for the end of Q3 to get this implementation fully done and applied. Everyone will benefit of it.

If you like this content I invite you to follow this account @matiasfha

Also! I'm working in a course to get your started into the Fullstack Ethereum development

Keep an eye in the progress here github.com/matiasfha/cryp…