Vitalik Buterin was Accused of Fraud and Opened Details about the Transition to Ethereum 2.0
Ethereum developers discussed the change from Proof of Work (PoW) to Proof of Stake (PoS) at a recent Devcon conference. The topic of the transition to Ethereum 2.0, its release date and network status was the most discussed over the past days. Vitalik Buterin and Joseph Lubin were even accused that their project is a fraud, while the scalability of Ethereum remains a myth. The cryptocurrency community on the social network Twitter has also divided into two camps: supporters and critics of the global computer. The Ethereum Foundation was also accused of not providing a clear explanation for the transition process. So Buterin and Lubin decided to explain. Vitalik Buterin shared the details of the transition process. He explained that at the end of the transition process, the Ethereum 1.0 blockchain "technically continues but it is valueless; eventually it will die off when the difficulty ice age hits”. Although the transition will take 6 hours, the process can happen in two years. Meanwhile, the fund will be engaged in the implementation of phases 0-2. The first phase will begin with the transition to PoS, while the Ethereum 1.0 blockchain will work alongside. However, the withdrawal of funds will be impossible at this stage. Also, Buterin explained that for most users, the process will occur in the background and quietly, but after the transition, the network will work more stable thanks to the PoS and EIP 1559 protocols. After the transition to a new blockchain, the data will be added to new transactions and will be processed in Ethereum 2.0, and not in Ethereum 1.0. He said Ethereum 1.0 will "live" inside Ethereum 2.0, and this should put an end to FUD around the existence of two chains.