Grayscale Postpones Date For ETHPoW Review And Sales Decision

Grayscale, the world’s largest digital asset manager, has postponed the date for its ETHPoW review and sales decision. This decision has come as a surprise to the crypto community, as Grayscale had previously planned to make the announcement by the end of June. Grayscale is currently assessing whether Ethereum is ready to transition from the current proof-of-work (PoW) consensus algorithm to the proof-of-stake (PoS) algorithm. The delay has caused some concern, with many wondering if Grayscale’s decision will have a significant impact on the cryptocurrency market. Despite the delay, Grayscale remains committed to providing investors with the best possible investment opportunities.

Grayscale, the world’s largest digital asset manager, recently updated that it is extending its review on the former Ethereum blockchain network’s Proof-of-Work (PoW) system tokens. The blockchain network transitioned to the current Proof-of-Stake (PoS) consensus mechanism amid concerns about high energy consumption levels and increasing security risks associated with PoW. The extension, lasting 180 days, will allow the company to decide on the possibility of selling ETHPoW after the network’s Merge in September 2022. Grayscale cited environmental concerns and the uncertainty of trading venues and crypto asset custodians as critical motivators for the review. The review’s outcome will help Grayscale adopt PoS and could potentially encourage other institutions to do the same.

Leave a Comment

Google News