Ethereum's Switch to PoS: What We Know So Far
With new tokens and platforms being developed all the time, an apt word to describe the crypto industry would probably be “dynamic.” While new cryptocurrencies pull out all the stops to break into the market, well-established cryptocurrencies are faced with the challenge of maintaining their rankings amid fierce competition. One way to do so is to constantly look at their offerings, and adjust/reinvent themselves in tune with consumer needs.
Ether, the second most popular cryptocurrency after Bitcoin, has enjoyed a much higher rate of adoption and growth than the latter in merely the first five years of its existence. Still, the platform is plagued by a number of issues such as high gas fees and slow transaction speeds, and its competitors are catching up fast. Change is imminent, and Ethereum is stepping things up — with big changes listed in its road map.
This article will explain everything you need to know about Ethereum's forthcoming upgrade, with information about what Ethereum is, why the Ethereum blockchain is switching to the proof of stake (PoS) consensus, and how the move will help solve the issues currently faced by the network.