Phasing Out Traditional POS Is A Solid Move On Ethereums Part

News has spread and more details have come in about the double spending on Ethereum Classic. The original blockchain that had some issues and turned into a hard fork.

Simply put the mining power of some of these POW coins with the reduction of bitcoins price have seen major drops in mining power for their coins making it easier then ever to over take their networks with a 51% attack which allows for double spending of coins.

The one that took place on Ethereum classics is thought to be 1.1 Million dollars in value or 88,500 total Ethereum Classic Coins.

Most of this is in part of new ASIC POW miners that can now overtake what Ethereum used to use in terms of mining power which was GPU.

This just proves why these other systems need to move off of POW (Prof of work) and need to start looking at other methods.

By years end Ethereum itself should be a POS (Prof of Stake) coin which means the amount you hold gives you a partial ownage of the blockchain to help transactions. This reduces power costs drastically but also makes a 51% attack extremely hard/expensive.

What would have to happen in a POS system is one wallet would have to hold 51% of the coins and be staking them in order to successfully attack the blockchain.

That means the cost of doing so if even that many coins where for sale would be roughly $7,852,000,000 to pull this off compared to a POW system which would be $102,064 at the time of writing this.

You can clearly seem major advantages of the POS system over the POW system.

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