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What does ETH coin PoS mean (eth PoS mechanism)?

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What does ETH coin PoS mean? ETH is the native digital asset of the Ethereum bl

What does ETH coin PoS mean (eth PoS mechanism)?

What does ETH coin PoS mean? ETH is the native digital asset of the Ethereum blockchain. It has been upgraded from PoW (Proof of Work) to a mechanism more similar to the Bitcoin PoS, and uses forks for scalability and governance improvements (through the EIP1559 proposal).

Simply put, when a user wants to transfer all of their wallet addresses to another account, they can create a new account. This new account represents the user’s holdings. In other words, if we store your ETH in these different addresses, we can make decisions that can change the entire system.

Therefore, literally speaking, when ETH is sent to users who want to cash out their ETH, it creates a deflationary state: a portion of your ETH will be destroyed to pay for gas fees.

eth PoS mechanism

According to ethnews, Tim Beiko, the lead developer of the Ethereum client Teku, stated that before the ETH fork, we should establish a new Proof of Stake (PoS) chain for validation. This means that the rewards for staking participants will vary based on changes that occur on the network. When asked why ETH needs a mechanism to store their own blocks, it will answer “Yes”. If you want to join this system and pay fees for their tokens, you can use the protocol to build decentralized applications or any other similar products, but not without this functionality.

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