For the longest time, the developers behind the Ethereum (ETH) blockchain have had their eyes set on Proof of Stake (PoS). Serenity, as core developers call the iteration of their brainchild based on staking rather than mining, is slated to come to fruition over the coming years.
But, some, including those predisposed to be enamored Bitcoin’s relatively simple Proof of Work (PoW) mechanism, which harnesses deflation, difficulty adjustments, and the sheer power of computational processes, have claimed that this alternative consensus medium may post all but solid results.
After a number of failed attempts, due to bugs and consensus misalignment, the fabled Constantinople blockchain upgrade went live last week. Constantinople, for those who missed the memo, introduced changes to Ethereum’s virtual machine that reduces smart contract gas consumption (lower fees), along with a -33% shift in how much Ether is issued each block. Although this blockchain upgrade had roots in bolstering the short-term scalability prospects of Ethereum, Constantinople moves the project one step closer to the advent of Serenity.