ETC Announces It will Continue Using POW Instead Of POS
On one hand, the Ethereum community has been preparing for the development of the network from Proof-of-Work [PoW] to Proof-of-Stake [PoS] with Ethereum 2.0, the members of the Ethereum Classic community, on the other hand, have inclined towards the Proof-of-Work algorithm. The founder of ETC Labs, James Wo, earlier stated that ETC wasn’t looking at PoS in common.
Embellishing, on the same, Wo, in a recent interview with AMBCrypto, pointed out that these sorts of innovations are required as they change the ways of circulating cryptocurrencies. Highlighting why Ethereum Classic decided to stick to PoW, Wo said, firstly, PoW cryptocurrencies would be observed as a commodity.
Moreover, Wo recommended that PoW is a fully decentralized blockchain. Still, with PoS kind of mechanism, one can operate more than 50 percent of the supply, which moreover makes the blockchain more centralized. Since PoW is more decentralized, it braces advantages like security along with other things, he added.
Several from the community have announced that they would desire to build on the PoW version of the blockchain, hence to address the same, ETC will remain to stick to PoW, Wo suggested.
He further suggested,
“So if we consider that for sure, we are going to stick to PoW provider platform where it’s basic, excellent, and solid technology that they can trust and rely on. They can build different kinds of applications on the PoW version of the blockchain.”
Additionally, he advised that when it comes to PoS, there are a lot of blockchains that developers could pick from. But, with PoW, Ethereum Classic would be the one that would stand out in the future.
The problem of scalability has always risen for PoW. However, scalability in PoS has been plugged to be better in PoS. This further leads to the issue of why people would still stick to PoW when PoS would grant better scalability. Acknowledging the same, Wo suggested that scalability is essential but not the final requirement. He pointed out that not all use cases need scalability.