The Ethereum [ETH] community has been patiently awaiting the network’s transition to the Proof-of-Stake [PoS] mechanism. While the network seems to be taking it slow, it has been attaining supporters to aid in staking the validator nodes for the next couple of months. Cloudflare, a web security provider seemed to be the latest to extend support towards the ETH network.
In a recent blog post, Cloudflare addressed its latest collaboration and pointed out that Ethereum’s transition into the PoS mechanism was scheduled to occur during Q3 or Q4. Ethereum’s metamorphosis is called “The Merge.”This isn’t too far off as the team affirms that there would be no delays ahead.
Ethereum’s traverse into the PoS consensus mechanism would paint the network in whole different color. Regulators have been taking a keen interest in Proof-of-Work [PoW] crypto networks. The energy consumption of PoW cryptocurrencies has been time and again called out and certain regulators have even imposed a ban. PoS, on the other hand, is claimed to be energy efficient. Therefore, ETH’s imminent shift is touted to be timely.
Elaborating on its latest collab, Cloudflare said,
“Cloudflare is going to participate in the research and development of the core infrastructure that helps keep Ethereum secure, fast, as well as energy-efficient for everyone. [..] These nodes will serve as a testing ground for research on energy efficiency, consistency management, and network speed.”
Energy efficiency is constantly being emphasized here as Ethereum would reportedly use 99.5 percent less energy following the transition. The network’s power consumption would be limited to 2.6 megawatts, as the Ethereum Foundation had previously stated.
Ethereum’s co-founder explains how PoS is safer than PoW
Following Ethereum’s announcement to traverse into the PoS arena, the network garnered immense backlash. While PoS comes with a lot of upsides, it also heightens the chances of a 51% attack. This attack usually occurs when an entity controls more than half of the network’s hash rate. Joseph Lubin, the co-founder of the network appeared in a recent interview arguing how the PoS mechanism was safer.
In the interview, Lubin is seen suggesting that carrying out an attack in a PoS system is extensively expensive. As a result, it was highly unlikely for it to occur. The journalist and several others suggested otherwise.
As the community inches closer to the transition, the fear surrounding a 51% attack is speculated to hinder the adoption.