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The creator of the largest altcoin by capitalization told when the network is expected to switch from the current Proof-of-Work algorithm to Proof-of-Stake, which does not involve the participation of miners
The transition of the Ethereum network to the Proof-of-Stake algorithm will take place in August of this year, said the creator of the cryptocurrency Vitalik Buterin during the summit in Shanghai. In case of unforeseen circumstances, the update may be postponed until September or October, journalist Willy Wu wrote.
At the moment, the Ethereum blockchain works on the Proof-of-Work (PoW) consensus algorithm. The main difference between PoS and PoW is that to maintain the operation of the PoS network, miners are not needed that generate computing power. The performance of the blockchain is provided by holders of digital coins and receive a reward for this. This process is called staking.
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