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What does it mean if there is no pos in ETH coin (ETH0 is gone)

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What does it mean if there is no pos in ETH coin (ETH0 is gone)

what does it mean to have no pos for ethcoin? Ethereum’s bifurcation project ethcoin uses the POW mechanism (Proof of Stack) to verify blocks. From this perspective, both Pow and PoS are new upgrade modes implemented on the basis of consensus algorithms: transferring mining rewards from one account to another. POS can be understood as ETH holders entrusting tokens to others Therefore, in PoW, equity is pledged and a certain amount of computing power must be pledged in order to conduct online transactions; The equity in PoS is determined based on user contributions, which means that if you want to obtain more tokens, you can set the shareholding ratio as the initial number of votes

eth0 is gone

Editor’s note: This article is from BlockBeats (ID: BlockBeats), author: 0x29, reprinted with authorization by Daily Planet

Preface:

The code for eth0 was opened source in September 2019, but it did not start operating until October and has not been fully implemented.

. This has led to too few pledged tokens on Ethereum’s network, high transaction costs and other phenomena, thus making the ETH price fluctuate significantly, and ultimately making many people unable to participate in the ecology, which also prompted some project parties to support the ETH2 agreement rather than bifurcation. According to statistics, over 100 projects have referred to ETH2.0 as the “final battle”. The most popular ones among them are Nervos and Avalanche

According to the information disclosed officially, since the word “eth0” has been launched on Ethereum’s main network, its core development team has completed nearly 20 milestone achievements, including the completion of a $5 million financing led by Paradigm and the launch of a £ 6 million funded project jointly invested by Polychain Capital, ThreeArrowsCapital, a16zCrypto and Pantera Capital; In addition, there is a very interesting new change that since the beginning of this year, the pledged assets on ETH1 have been growing – from the recent 3 billion to a historical high of over $15 billion

Due to the increasing demand of ETH holders for Ethereum blockchain security, many projects choose to give up support for ETH2.0. However, although some projects believe that ETH1.0 is the future development direction and plan to provide more stable price base support for them, there are also criminals who manipulate Ethereum prices to carry out attacks. For example, the founder of Ethermine Mining Pool, Jiang Zhuoer, once tweeted: “If we want to continue developing our PoS consensus system, we need to ensure that eth0 is not attacked by 51%.” However, in fact, most users do not believe this conclusion and may even worry that their ETH will be maliciously exploited. “The minimum deposit amount of eth1 is about $1.5,” he added: “This is the only agreement that can obtain rewards in this way. When we run dApp on Ethereum, it is actually an incentive mechanism… You don’t need to spend gas costs to earn these tokens.”

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