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Ethereum not only hopes to maintain its position as one of the largest cryptocurrencies in the world, but also to achieve supremacy by becoming more energy efficient. Ethereum's leadership intends to achieve this goal by minimizing the energy consumption of 99 percent blockchain.
The PoS blockchain "Ethereum 2.0" is built from scratch
Vitalik Buterin, inventor and co-founder of Ethereum, began the 2019 regaining the position of Ethereum as the second cryptocurrency with a market capitalization of over 15.5 billion dollars.
However, Buterin admits that now the extraction of Ethereum consumes more electricity than Iceland. So to support or improve its competitive advantage, Ethereum aims to reduce energy consumption by scraping its proof-of-work blockchain (PoW) and building a completely new blockchain based on the proof-of-proof algorithm stake (PoS).
In this regard, says Vitalik, "the latest ETH update should complete transactions using only 1% of the energy consumed today by replacing PoW with PoS."
Testnet in 2019? Do not hold your breath
Peter Fairley, editor of Spectrum IEEE, writes that energy reduction has been part of the Buterin vision since the beginning, allowing PoW to consume excessively energy.
Buterin predicts that future blockchain will be based on PoS and sharding. Sharding is a database partitioning technique that consists of separating huge databases into smaller, faster, and more manageable components known as data fragments.
On 10 December 2018, Buterin tweeted:
The blockchains of the future with stake and sharding tests 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.
The developers of Ethereum opted for the two blockchain solution in June 2018 dubbed "Ethereum 2.0". Paul Hauner, co-founder of the Australian computer security company and sigma Prime of blockchain development, directed the development of Ethereum 2.0 "Lighthouse". client software, which uses the Rust code. This app and others are expected to be running PoS on testnet at the start of 2019.
But due to numerous delays in the past and the complexity of the task underway, it can be expected that this radical new shift towards Ethereum 2.0 will take time and we will probably not see the light of day in 2019.
"In October 2017, when mining time had already nearly doubled to 30 seconds, the Ethereum team cleared the clock, delaying the day of the PoW judgment by about 12 months," notes Fairley. "And they'll probably hit the nap again."
Weiss's ratings echoed this sentiment, saying they will not hold their breath, at least not in 2019.
#ETH mining extraction consumes as much electricity as Iceland. According to Vitalik, the latest ETH update should complete transactions using only 1% of the energy consumed today replacing PoW with PoS. We are not holding our breath for this – at least not in 2019. #ethereum #crypto
– Weiss evaluations (@WeissRatings) January 3, 2019
Do you think that a PoS-based blockchain will be able to reduce energy consumption costs by around 99 percent? Let us know in the comments below.
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Images courtesy of Shutterstock
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