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ISthe second is the second largest cryptocurrency with a massive market capitalization of $ 10 billion. It also means that the extraction and transactions of Ethereum devour tons of energy. Well, things could change by the end of 2019.
According to a report by IEEE Spectrum, Vitalik Buterin, the computer scientist who invented Ethereum, is planning an important revision. Buterin is supported by the Ethereum Foundation and the open source movement to run the field tests for a long time pending the revision of the Ethereum code reduce the energy consumption of 99%.
Some of you may already know that the ability to store data is what distinguishes this cryptography from others like Bitcoin. With the help of smart contracts, there are many million-dollar apps on Ethereum.
However, Buterin suspects that the amount of resources consumed by Ethereum is much more than it is giving in return. "There are real consumers, real people, whose need for electricity is removed from these things," he said.
While the Ethereum algorithm discourages the use of application-specific ICs (ASICs) for faster mining, it can not prevent miners from devoting more and more computing resources.
So to reduce energy consumption, Buterin plans to do it replace Proof of Work (PoW) with Proof of Stake (PoS). It is expected to improve safety, reduce energy consumption and help avoid diluting the value of the currency. You can read the IEEE report to learn about these changes in detail.
What are your views on the massive consumption of energy by cryptocurrencies? Share your opinions and continue reading Fossbytes.
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