According to this blog post by Vitalik on April 1st 2017, Ethereum will move from Proof of Work to Proof of Authority in 2018. He states:
We have decided that the problem is too hard, and secure proof of
stake is almost certainly unachievable. Instead, we are now planning
to transition the Ethereum mainnet to proof of authority in 2018.
I was looking at getting into Ethereum mining, but now I am unclear what impact this decision has on mining profitability and risk.
I attempted to read this, and ended up in over my head. However, I found this quote under Proof-of-authority 101:
For those not aware of how PoA works, it's a very simplistic protocol,
where instead of miners racing to find a solution to a difficult
problem, authorized signers can at any time at their own discretion
create new blocks.
It seems to be saying that signers are the new miners. Is mining even necessary under a proof of authority system?
As someone new to block chain technology and Ethereum this is a little confusing.
Best Answer
It's a joke.
However, Ethereum does eventually plan to move to Proof of Stake, which is intended to replace mining.