Why is ETH switching to a POS system? I think this could be a bad idea since in a POS system only those who control the most currency can mine coins. This sounds like Ethereum developers are trying to manipulate the currency so only they can control it and mine coins. I hope ETC does not implement this system. Maybe if the POS does not work ETC could pass ETH if everyone doesn't like it and switches to ETC instead, as long as ETC doesn't switch to POS over POW, ETC could work out better if POS turns out to be a failure then their will be no way for ETH to go back to POW.
#etc #eth #crypto #ethereum #mining
It's a rather unfortunate acronym, isn't it?
Yeah lol
No guarantee Ethereum is able to implement PoS in the first place.
It will be terrible for Eth if Etc gets ahead
ETH devs are just looking out for their best interest, it is supposed to be decentralized not centralized.
The picture contradicts your message, so what is it?
How much coin you control determines if you can mine
Pow (proof of work) is when anyone can go to the platform start mining and collect the mining reward from mining blocks like bitcoin. In POS (proof of stake) the stakeholders control the mining and collect all the mining fees so not just anyone can go into it and start mining you need to control a large amount of coin for it to be worth trying to mine. POS there is less inflation but to mine you have to control a lot of the currency so it is almost like centralization you have to own a lot of coin. There is less inflation cause all the mining fees go to the stake holders so they don't really need new miners.
Thanks. This is valuable information!