All towards Proof of Stake? – Recently, the Ethereum network finalized its transition from Proof of Work (PoW) to Proof of Stake (PoS). Obviously, this historic transition has revived the debates concerning these two consensus mechanisms. According Vitalik Buterinother blockchains like Zcash and Dogecoin would benefit from making the transition.
Zcash and Dogecoin: when will the transition to PoS take place?
Last week was the conference “Messari Mainnet 2022” At New York. On this occasion, many important players in the ecosystem shared the stage during various presentations and debates.
Among the guestswe have found Vitalik Buterinco-founder of the network Ethereum. Obviously, the topic quickly turned to Ethereum’s recent transition and the Proof of Stake at large.
As the conversation progressed, Ryan Selkis, the founder of Messari, asked Vitalik if he thinks all blockchains should move to Proof of Stake. To which Vitalik replied that the Proof of Stake should, as a first step, gain in maturity in order to win in legitimacy. He also added that he hopes networks like Zcash or Dogecoin would pass.
“I would say it is. As the Proof of Stake matures, I expect its legitimacy to increase. I hope Zcash and Dogecoin will switch to PoS soon”
Indeed, these two projects have already put forward the hypothesis of a transition. Indeed, in June 2022, Electric Cointhe company behind Zcash, has unveiled the progress of its research vis-à-vis a transition to Proof of Stake.
For its part, the Dogecoin Foundation recently updated its roadmap, highlighting the potential for a transition to Proof of Stake.
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Privacy protection: the topic of the moment
At the same time, the debate has also evolved around the subject of privacy protection. A hot topic, especially with regard to the situation surrounding the Tornado Cash protocol.
In short, Tornado Cash is a protocoltransaction anonymization on Ethereum. To do this, it will use a technique called mixing, aiming to mix the tokens of different users so as not to be able to trace back to the original address.
However, the US Treasury condemned Tornado Cash for enabling multi-billion dollar laundering. Since then, sanctions have rained down on the protocol. Thereby, Zooko Wilcox-O’Hearnfounder of Zcash, believes privacy will be the hot topic for the next 18 months:
“The Zcash community has a really important role to play. We are already there. We have this technological layer. We already have the culture that privacy is normal. This is what will make the difference. »
A point of view shared by Vitalik Buterinwhich also highlights theimportance of scalabilityjudging that only the latter will allow “for blockchains to be a viable technology for the general public”.
To obtain this scalability, Ethereum has chosen the second layers. However, a new thesis emerges: that of layers 3. Result of stacking several layers: these layers 3 don’t worryare not for all use cases.
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