V God: After Ethereum switches to PoS, mining machines can go here

On April 26, Ethereum co-founder Vitalik talked about the upcoming Ethereum 2.0 in an interview with foreign media Cointelegraph. He said that the Ethereum mining equipment that will be eliminated may turn to zero-knowledge proof.

Currently, Ethereum uses a custom proof-of-work (PoW) algorithm called Ethash. This system requires a lot of computing resources to verify new blocks on the Ethereum blockchain. The upcoming Ethereum 2.0 will switch to a proof-of-stake (PoS) consensus algorithm. So what will happen to existing mining equipment?

To this, Vitalik replied:

“One answer is zero-knowledge proofs, but that’s not going to get 100% of the miners, it’s going to get a few percentage points at best.”

The magical power of zero-knowledge proof

Zero-knowledge proofs (ZKPs) are information-sharing protocols that allow two parties to share information they know with each other without actually revealing what the information is.

In the context of blockchain technology, zero-knowledge proof transactions are extremely useful for users who wish to maintain a high degree of privacy. Projects like Zcash utilize a unique zero-knowledge proof scheme called zk-SNARKS, which allows users to send fully encrypted transactions while remaining verifiable according to the network’s consensus rules.

Vitalik has been very vocal about his love for zero-knowledge proofs, saying:

“This huge and quiet technological revolution is happening with zero-knowledge proofs, which are very powerful. First of all, they give you a lot of privacy. Secondly, they allow for a lot of scalability because you only have to verify a very small proof instead of verifying a very large thing. You can use them to verify the validity of things, and you can also use them to replace Merkle trees, reducing the branches and the witness of the Merkle tree from hundreds of thousands of bytes to a few thousand bytes, which are very good features.”

Exciting times in Ethereum Land

As Vitalik discussed his proposed concept for Ethereumland, the 26-year-old developer didn’t seem worried at all, admitting:

“It’s definitely a little easier than when Ethereum was first launched. I’ve been through this before and there’s the anticipation and there’s definitely the nervousness, but it’s also very exciting to see these things finally being put to use.”

He added:

“It’s important to understand that until recently, most people thought Ethereum 2.0 was basically just an idea and a dream.”

Although the launch date of Ethereum 2.0 has not yet been announced, Prysmatic Labs publicly launched an Ethereum 2.0 test network called Topaz on April 18. In this regard, Vitalik said frankly:

“This is definitely a milestone for us.”

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