Ethereum is expected to switch to this algorithm in 2022 this fall. It is expected that Ethereum will switch to a bet confirmation mechanism. The update was aimed at solving the main problems of the protocol by reducing fees, increasing transaction speed and improving the stability of the chain. Mining cryptocurrencies becomes impossible. Ethereum. Blocking coins in the protocol, blocking coins in the PoS protocol. To achieve this goal, you must block 32 ETH. Rocket platforms allow users with few resources to use their services. As an illustration, Binance offers a merger for 0.0001 ETH. On Et hash, miners can switch to another currency (Ethereum Classic, Dubaicoin). Another option is to use one of the most popular algorithms (CryptoNight, SHA256). This post will discuss what to do as soon as the main pos terminal switches from ether to it. According to 2CryptoCalc, Ethereum Classic, Raven Coin and Conflux will bring the greatest profit in 2022.
What will happen to Ethereum after the introduction of PoS?
According to the schedule, the algorithm will be updated in September 2022. This project has been under development for more than seven years. In 2015, the idea of converting ETH into Proof-of-Stake was initially proposed. Vitalik Buterin expected that changing the algorithm would speed up transactions, reduce fees, reduce electricity consumption and reduce carbon dioxide emissions into the atmosphere. Further changes in the Ethereum ecosystem will occur as a result of the transition to PoS:
1) Add more nodes to the network to further decentralize the blockchain. However, due to the high input threshold, it may be difficult to get such a result (32 ETH). Therefore, analysts expect greater centralization of the network as a first step. At present, it is difficult to foresee whether the transition to PoS will have long-term consequences. 2) Faster transaction time. Among other things, it will simplify the creation, testing and hosting of dApps applications.
- Separation of a single database and its storage into different types of data. The transaction speed is increased by 64 times due to segmentation.
4) A high probability of a “51% attack”. Experts say that in order to take over the blockchain, hackers just need to have a significant amount of bitcoins in the PoS terminal. The duration of this event is shorter than the health check when resources are available.
5) Risk to network security. Validators in retail outlets can abuse their position. When a low-quality block is sent to the network, fines are imposed, and the subscriber loses all blocked coins (at the current exchange rate of 49 thousand dollars for 32 ETH). This should increase the security of the network, but does not exclude cooperation between several validators. For example, Lido DAO controls 33% of ETH 2.0 coins and allows investors to stack any amount they like. However, 93.1% of the company’s shares belong to the top 100 asset managers, which indicates a concentration among Ethereum validators.
Experts fear that the low profitability of stacking and long-term currency blocking may hinder the expansion of network decentralization. Token withdrawal will not be allowed until the old and new networks are fully merged. It is estimated that this may take up to 1.5 years.
After Ethereum, what else can be mined?
ETH will be transferred to video cards and ASICs in 2022. The Ethash method can be used to extract coins by owners of integrated circuits. Ethereum Classic is the most popular alternative to Ethereum. In July 2022, Vitalik Buterin offered to sell this asset during a conference.
Video card owners have a choice; they can switch to a more profitable asset. In order to mine the most profitable cryptocurrency in 2022, many miners will participate in multi-pools that automatically transfer power.
Ravencoin By 2022, this currency will become one of the most commonly used in mining. This is to blame for the minimum hardware requirements (even for cards with 4 GB of video memory) and very stable operation. As a bitcoin hard fork, the Ravencoin digital currency was introduced in 2018. The asset has the following characteristics:
Blocks are created in one minute. 1) The problem with 21 billion RVN (a thousand times more than BTC). 2) 5000 RVN is the current prize for the block. Miners’ income is halved every four years as a result of halving. 3) Only video cards can be used for mining an asset. 4) Cryptocurrency developers have returned to decenter
Due to the stable exchange rate, listing on significant exchanges and the ability to simultaneously mine two currencies (ETH + ERGO, ERGO + ZIL), this currency is attractive to miners.
The Autolykos2 algorithm used by ERGO differs in that it uses less power than Ethash. Instead of an asset, you can use video cards with a capacity of 3 GB.
Firo The cryptocurrency initially worked in accordance with the rules of MTP (Merkle tree proof). This technique required 5 GB of RAM. Since the size of the ball was 200 KB, miners had to use a lot of Internet connections to get an asset (hundreds of times more than in other cryptocurrencies). The creators modified the system in 2021.
ProgPoW has been modified to become Firo, which was created specifically for Ethereum. however, this has never been implemented in practice. The only difference between this method and the KawPoW (Ravencoin) algorithm is the size of the DAG file. Firo will need 4 GB of RAM for mining in the fall of 2022. The DAG file size is expected to increase by 1 GB every 1.5 years. Firo mining will not be available on the video card until 2024.
The cerebral cortex The digital currency adheres to the consensus rules of CuccooCortex. The amount of GPU memory has a significant impact on the speed of the mining process. Owners of top-level Nvidia GPUs will be able to take advantage of this.
Even during the day, there may be significant fluctuations in the cost of Cortex and network complexity. As a result, the asset is valued at several volumes. When the difficulty drops or the price rises, miners briefly switch to CTXC equipment.
The CuccooCortex protocol is exceptional in its ability to change the energy efficiency of the mining sector. The algorithm requires a significant amount of GPU memory to function. The Linux operating system is usually used by miners for business work due to lower RAM usage and more flexible settings. At least 8 GB must be available on Linux, and at least 10 GB on Windows 10.
The technology used to create a cryptocurrency blockade is different from each other. Although initially the distribution of coins took place in accordance with the PoW method, transactions are now confirmed in accordance with PoS rules. Smart contracts were present in the blockchain, allowing users to mine an asset. The name of this strategy is IPoW. A key advantage is a more equitable distribution of resources.
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