The upcoming year is bringing a lot of hopes and anticipations with it, and it seems that 2020 is going to be the year of Proof of Stake blockchain.
Staked’s founder and chief executive officer, Tim Ogilive, is of the view that 2019 is already a big year of PoS, but there is more to come in 2020.
EOS and ADA commence the year of PoS?
In terms of market capitalization, the second-largest cryptocurrency Ethereum is expected to switch to the PoS blockchain. Since 2014, they wanted to switch to it, back when Vitalik Buterin stated that he regarded PoS as a means to Ethereum to be maturing.
With the proof of stake blockchain, there would be no mining, thereby, no need for electricity for solving the math problems. The validators would be required to own the coins which they intend to verify. The opinion of experts vary in this regard, and some view this development as a better way for the blockchains to scale, as compared to the PoW (Proof of Work), which is prevalent right now on Bitcoin and, as well as, Ethereum.
Secondly, the twelfth-largest cryptocurrency by market capitalization Cardano is expected to be upgrading their already existing platform of PoS into a public network. Cardano’s company IOHK, is expecting that an increased number of people will be running their software, even more than Bitcoin, as stated by Charles Hoskinson, IOHK’s CEO.
Lastly, this switching from proof of work to proof of stake may sound simple, but in reality, it would not be easy at all. The outcome of Ethereum’s new blockchain is expected to be Hybrid, some sort of a mix of PoS and PoW.