Vitalik Buterin put a date on the arrival of Ethereum 2.0 and said that it is “a very difficult process”

The creator of the blockchain spoke at ETH Latam, the crypto mega event based in Buenos Aires.

Vitalik Buterin creator of the blockchain Ethereum assured on September 15 that version 1.0 will be merged with 2.0, in what is known as “The Merge”, “a very difficult process” for which he needed “the cooperation of many developers”.

This was stated on this Saturday’s day of ETH Latam, an event that had its first edition in Buenos Aires and is dedicated to the world of cryptocurrencies and the blockchain of Ethereum, DeFi, DAOs and NFTs, which took place on August 11, 12 and 13 at the Buenos Aires Convention Center.

Buterin gave his talk online, in front of a packed auditorium that an hour before had already lined up with eager people who wanted the best seats. It just so happens that Buterin is quite the star in the scene and, last year, after her long stay in the City, she has already cultivated more fans.

The move from the Ethereum 1.0 to the 2.0 network is very important in the crypto environment because it implies a change in the technology that produces digital assets (cryptocurrency mining) and how data is written on the blockchain. It is the transition from Proof of Work (PoW) to Proof of Stake (PoS), which also consumes less electricity.

As color data, he was asked again about the Argentine inflation something inevitable every time current questions are asked in these latitudes.

This time, he said I didn’t have an answer to give.

From PoW to PoS: what does it mean

Both technologies are mechanisms for recording transactions on the blockchain. Although Bitcoin ( BTC ) transaction history is securely sequenced using Proof of Work (PoW), it consumes a lot of electricity and the number of transactions it can handle at one time is limited.

For this reason, alternatives have been proposed, such as the test model of stake (PoS, for its acronym in English) one of the most prominent. These consensus mechanisms allow computer networks to collaborate while remaining secure.

Blockchain networks need solve various problems to function effectively. For example, without a central authority like banks or FinTechs (e.g. PayPal) in the middle, decentralized cryptocurrency networks need to ensure that no party in a network spends the same money several times.

Also, the consensus mechanism prevents the network from going off the rails via a hard fork.

Proof-of-work and proof-of-stake are the two main consensus mechanisms currently used by decentralized finance projects (DeFi) to cryptographically gain consensus on cryptocurrency networks.

When Satoshi Nakamoto was creating Bitcoin (the first cryptocurrency), they needed to find a means to verify transactions without the involvement of a third party. To accomplish this, they employed a consensus mechanism called proof-of-work to allow networks to agree on which transactions are valid.

In 2011, a new approach was proposed on the Bitcointalk forum to address the inefficiencies of the consensus mechanism. PoW and reduce the amount of computational resources required to run the blockchain network. Rather than performing tangible work, this concept is based on the existence of a verifiable stake in the ecosystem.

In the PoS network, miners do not compete for the right to add blocks. Instead of being mined, blocks are frequently called “coined” or “counterfeit”.

This is the Proof of Stake and the change that Vitalik Buterin will begin to transition from September 15, as announced at the conference in Buenos Aires.

By Editor

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