Ethereum 2.0 at a 99% lower energy utilization rate


Power poles

The goal of Ethereum does not stop to be classified as one of the largest cryptocurrencies on the planet; it goes further. In addition to recognition, Ethereum aims to be in command when it comes to energy efficiency and its leadership plans to make this possibility by reducing the energy consumption of the blockchain by 99%.

Ethereum 2.0 to be built from scratch

The co-founder and inventor of Ethereum, Vitalik Buterin, has regained the position of Ethereum as the second largest cryptocurrency at the beginning of 2019, with over $ 15.5 billion market capitalization.

Buterin, however, admitted to the fact that the electricity consumption necessary for the extraction of Ethereum is now higher than that of Iceland. Therefore, to maintain its competitive advantage, Ethereum plans to reduce the amount of energy consumption by changing its blockchain algorithm from the test of work to the value test.

Regarding this issue, Vitalik stated that "the latest ETH update should complete transactions using only 1% of the energy consumed today by replacing PoW with PoS".

Testnet could exceed 2019

Spectrum IEEE contributor Peter Fairly writes that Buterin's vision has always included energy efficiency from the start, agreeing that the energy consumption of PoW is actually very high.

Buterin hopes the blockchains will be based on Sharding and PoS in the future. Sharding is a technique that is used to subdivide large databases into more manageable components that are both smaller and faster, referred to as fragments of data.

Buterin tweeted on December 10, 2018, which reads:

"The blockchains of the future with evidence of participation and sharing will be thousands of times more efficient, and therefore the sacrifices of efficiency in putting things on a chain will become more and more acceptable."

Paul Hauner, a contributor to Ethereum and co-founder of Sigma Prime, an IT development and security company based in Australia, is responsible for developing the Ethereum 2.0 "Lighthouse" client software using the Rust code. His expectation for 2019 is to see this app, as well as others, running PoS on testnet at the beginning of the year.

But taking into consideration the events of the past that have characterized many delays, along with the complex nature of the task, its expectations regarding Ethereum 2.0 may take longer to reach or may not materialize even in 2019.

"In October 2017, when mining time had already nearly doubled to 30 seconds, the Ethereum team cleared the time, delaying PoW's day of judgment by about 12 months," wrote Fairley. "And they'll probably hit the nap again."

Speaking of the problem, Weiss's evaluations stated that they would not put all their hopes on its actualization in 2019.

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