Categories: Finance

Vitalik Buterin: “All cryptocurrencies should switch to PoS”

Ethereum co-founder Vitalik Buterin took part in the Mainnet 2022 conference. He noted that the transition to the Proof-of-Stake (PoS) algorithm would be useful for any Proof-of-Work (PoW) cryptocurrency.

Buterin noted that the concept of Bitcoin led him to the cryptocurrency industry. He fell in love with this technology, which is why Ethereum was built on the PoW algorithm. However, later the developers of the second cryptocurrency realized the benefits of switching to PoS.

“I would say that all cryptocurrencies should move to PoS. This technology is becoming more mature, and the transition is more justified. I hope Zcash and Dogecoin move to PoS soon enough,” Buterin said.

He noted that the second cryptocurrency does not have the ability to anonymize transactions, and they are unlikely to appear in the next five years. Ethereum lead developer Tim Beiko declaredthat if the project had such capabilities, it would make the second cryptocurrency even more powerful.

Beiko hopes to see such solutions, while, according to him, it is necessary to anonymize transactions at the first level of the blockchain. Buterin is confident that over the next 18 months, Ethereum will become much more scalable, which will significantly reduce transaction fees.

Earlier, the Ethereum co-founder said that layer 3 solutions only make sense if they provide different functionality than layer 2 protocols.

Source: Bits

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