Zcash founder invited the community to move to PoS consensus – Bits Media

Zcash founder Zuko Wilcox encouraged the community to abandon the Proof-of-Work consensus method (PoW) and go to Proof-of-Stake (PoS).

Since its inception, the Zcash blockchain has operated on a proof of work consensus (PoW). Initially, the ZEC cryptocurrency could be mined on GPUs (GPU). IN 2018 Bitmain launched specialized ASIC miners for Zcash mining, after which GPU mining became obsolete. Wilcox Now Sees More Benefits in Proof of Stake Consensus (PoS).

Wilcox
stated, what the Zcash community must make a choice, is it ready to make such changes, and presented a number of arguments, why the transition should take place. Primarily, Zcash's move to PoS will ease seller pressure on ZEC. According to Wilcox, today, Zcash miners receive daily coins worth $300 000, and almost everyone is forced to sell, to recoup energy and equipment costs. Within one year, this amount can reach $100 million. By consensus, PoS miners, more precisely the stakers, mining ZEC, will be able to keep earned coins longer, becoming long-term investors.

The founder of Zcash believes, that ZEC mining should become more energy efficient. Considering, that mining of cryptocurrencies based on PoW consensus leaves a large carbon footprint, many will refuse to accept such cryptocurrencies, when more energy efficient alternatives exist.

Wilcox disagrees, that cryptocurrency mining enhances global warming and destroys the environment, however he is sure, that for the widespread distribution of ZEC, it is important to take into account public opinion. Moving to PoS will be a win-win, which will ensure the economic and social freedom of people, said Wilcox.

Besides, the transition to Proof-of-Stake will increase the level of security and network performance at a lower cost. He explained, what when mining cryptocurrencies, using Proof-of-Work consensus, community overpays for network security, because it cannot punish the violating miners. therefore, to keep their loyalty, it promises big rewards for miners. When switching to PoS, users can be confident, that their transaction will not be "discarded". Besides, taking part in staking, users would have the right to control the protocol.

"Despite, that miners prefer PoW, I find, that PoS will make ZEC more valuable to people. The benefits of this consensus method are enormous., and they far outweigh the disadvantages and risks of PoW. ", - said Wilcox.

This spring, Ripple co-founder Chris Larsen advised Bitcoin developers to consider switching from Proof of Work to Proof of Stake consensus due to high energy costs..