Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE
200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |
View more Headlines & Breaking News here, as covered by cryptopolytech.com
How much energy has Ethereum’s ‘Merge’ saved? appeared on www.digit.fyi by Digit.
Research published in data science journal Patterns has suggested that the amount of electricity saved by Ethereum following it’s shift in transaction validation methodology is equivalent to the energy used by whole countries comparable in size to Ireland.
By comparison, Bitcoin, which still uses the more intensive proof-of-work method, is thought to use more electricity than Finland. In fact, the research goes as far as suggesting that the global energy savings from the move to electric vehicles is being completely undone from Bitcoin’s energy use.
It’s estimated that Ethereum’s merge has cut the network’s energy consumption by 99.84%.
Proof-of-Work
The mechanism for consensus within crypto has traditionally been a system called Proof-of-Work. This is a competitive validation method to confirm transactions, add new blocks to the blockchain, and once this is done, new coins are minted.
It’s basically the crypto miner ensuring the verifier that the mining process is valid and accurate. The problem is, it requires specialist equipment and a great deal of energy to work, which has raised environmental concerns, coupled with having in-built limitations.
Ethereum 2.0 and Proof-of-Stake
Eth 2.0 is an upgrade to the Ethereum blockchain in order to increase Ethereum’s capacity for transactions, reduce fees and make the network more sustainable.
It aims to do this is through Proof-of-Stake, which is largely being considered a significant upgrade in many regards over its Proof-of-Work counterpart.
Proof-of-Stake is a consensus algorithm under which randomly chosen validation nodes (validators) stake native tokens (staking) of the blockchain network they’re operating on to propose or attest new blocks to the current blockchain.
Plainly speaking, Proof-of-Stake dips into the community of users for a certain token, choosing them to be validators of a transaction.
Those that are chosen will be able to earn from the transaction fee. The more you have – or the higher ‘stake’ – the larger the chance you’ll be chosen as a validator.
The simplest way to put it is – Proof-of-Stake has computers work together to decide which node (computer) validates the next block.
Proof-of-stake works particularly well with the larger blockchains and their native tokens as there’s much less chance of monopolisation by large stakeholders.
Recommended
Known as a 51% attack, it’s pretty common for investors to accumulate 51% stakes in burgeoning blockchains and their tokens.
This gives them 100% control based on the Proof-of-Stake voting system, which heavily favors those with quantity.
Downfalls
Despite its myriad benefits, Proof-of-Stake does have some shortcomings.
The most glaring problem is that an individual needs to own cryptocurrencies native to the particular Proof-of-Stake-based platform.
This can be done either by purchasing cryptocurrencies using fiat currency or exchanging crypto-coins and crypto-tokens from other platforms to the compatible native cryptocurrencies.
This means that a blockchain built on Proof-of-Stake consensus mechanics isn’t as readily accessible as it stands, it will require a much higher level of adoption to alleviate much of the concerns around it.
Get all the latest news from DIGIT direct to your inbox
Our newsletter covers the latest technology and IT news from Scotland and beyond, as well as in-depth features and exclusive interviews with leading figures and rising stars.
To subscribe,?click?here.
Related
FEATURED ‘News of the Day’, as reported by public domain newswires.
View ALL Headlines & Breaking News here.
Source Information (if available)
This article originally appeared on www.digit.fyi by Digit – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.
CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.
First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!