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Currently, the world is facing a power crisiswhich partly explains why China forbidden crypto mining last year, and why countries like Kosovo and Kazakhstan, where the miners have dispersed, are repelling the miners and cut off their electricity. These countries need energy to run their businesses and heat their homes.

Proof of work not only wastes electricity, but it also generates electronic waste. Specialized computer servers used for crypto mining often become obsolete after a year and a half and end up in landfills.

The Ethereum mechanism has other drawbacks: it is extremely slow, averaging 15 transactions per second. And it’s not changing. CryptoKitties, a game where players breed and trade cartoon cats, has caused a stack of transactions on the network in 2017.

With all the money the venture capitalists have shovel in Web3– a futuristic model where applications will all run on decentralized blockchains, largely powered by Ethereum itself – the time has come for Ethereum to decouple from proof-of-work mining. And that’s the game plan.

During the first half of 2022, during a dramatic event called “Fusion“, Ethereum plans to switch its entire network to a different consensus mechanism: proof-of-stake, which it promises will use 99% less energy, allow the network to adapt, and will potentially help to reach 100,000 transactions per second.

Of course, Ethereum’s move to proof-of-stake was in six months for years now. “[We thought] it would take a year to [implement] POS … but in fact [has] took about six years,” Ethereum founder Vitalik Buterin says fortune in May 2021. This is because building such a model is complex.



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