Two major blockchains – Cardano (ADA) and Ethereum (ETH) – are looking to update and switch to the Proof of Stake (PoS) respectively in 2020. As two of the major blockchains move towards PoS, 2020 looks like the year that PoS blockchains will finally break out. Well, as explained by the development teams of the two blockchains.
In an interview with Coindesk, Tim Ogilvie, the CEO of Staked, a multi-staking token platform, argues that the PoS industry is already on the highway to fully break out as witnessed in developments in various blockchains. He explained,
“You’ve had millions of dollars of proof-of-stake assets running without a hitch and not spending billions on electricity costs. Now, you’re going to see big projects like Cardano and Ethereum taking these results even further. We’re definitely excited.”
Ethereum Switches to Proof of Stake
Ethereum released its Ethereum 2.0 test net platform earlier in the year allowing users to a range of new features – principally the proof of stake consensus mechanism. Having worked on switching from proof of work (PoW) since its launch back in 2014, the Ethereum founder, Vitalik Buterin, is pleased at the latest update seeing the new Ethereum 2.0 platform as the “world’s computer”.
The proposed ‘Slasher’ platform back in 2014 is described as:
“A useful construct to have in our war chest in case proof of stake mining becomes substantially more popular or a compelling reason is provided to switch.”
Cardano set to launch on a PoS blockchain
In the past two years, the Cardano development team (Cardano Foundation, IOHK, and Emurgo), have been working on integrating the network to a PoS scalable blockchain. Now, the company has announced they will be releasing their test version to their global users. However, the company expects some flaws in the system as they try to find the optimal governance algorithm that will keep the network running i.e. the network rewards versus penalties for validators.
Furthermore, the company is looking to launch a fully developed blockchain system in 2020. In late September, Cardano released the “Shelley” update that integrates smart contract technology allowing the development of dApps on the blockchain. The development phase of the dApps is labelled “Goguen”. The “Basho” update is the final piece of the blockchain upgrade which aims to increase scalability of the platform to over 10,000 transactions per second.
By 2020, the development team is aiming at launching the “Voltaire” phase, an upgrade that involves the on-chain governance protocols and voting consensus.