Home / Ethereum / Vitalik Buterin says he is a fan of Bitcoin's innovative technology but not of his energy consumption

Vitalik Buterin says he is a fan of Bitcoin's innovative technology but not of his energy consumption



Vitalik-Buterin-Ethereum
The Vitalik Buterin from Ethereum has always been a strong influencer in the cryptocurrency community. Although he is the co-founder of Ethereum, he often gives his opinion on other networks and blockchains. Recently, during a podcast with Blockchain Insider, Buterin spoke about the future and functionality of Bitcoin and Ethereum. He said the innovative bitcoin technology is impressive, but he also talked about some of the weaknesses in technology and the advantages PoS has over PoW.
Vitalik Buterin on Ethereum technology
One of the pitcoin blockchain traps, according to Buterin, is the high level of power consumption required for offset transactions. In his words:

"The PoS and PoW mechanisms are similar because they both depend on economic resources for participation in the network.This type of economic control is necessary because without it the participants can manipulate the system.Pictures a situation in which a participant pretends to be one billion false participants to detect the network, gatekeeping is possible with the proof of work consent algorithm and proof-of-stake, and I think the game test is better. "

Proof-of-Stake Vs working trial

With the proof-of-work consent algorithm, users need to turn on their computers and use them to solve some complex mathematical problems to demonstrate they have computing power on a 24/7 basis. This is what leads to massive energy consumption. The Bitcoin network requires the kind of energy that can be used to run a small country. Ethereum does not require much energy to function. However, Buterin said he would prefer if the Ethereum blockchain required less energy than the one currently used.

Price Ethereum (ETH) today – BTC / USD

Another reason why the proof-of-stake is more efficient is that you do not need to demonstrate that you have computing power by running your systems 24 hours a day, 7 days a week. All you have to do is sign a digital signature that have the same cryptographic key as coins. In this way, the network works with lower energy requirements than the PoW network. All you have to do is wait for the nodes to be tested on the basis of Buterin.

After the podcast, some members of the cryptocurrency Twitter community asked Buterin what he thinks of the Bitcoin network (BSV). In response, he said that although it does not agree with the BSV network roadmap, the PoW algorithm is still a very interesting technology. In his words: "I have some reservations about the Bitcoin roadmap but I think they are trying to do something really nice with the technology.The BSV network is a pure trash fire."

Price analysis of Ethereum (ETH)

Ethereum (ETH) managed to recover some points over the $ 130 yesterday. There was a significant bearish resistance at $ 130 that made the price struggle move above this level and even cause a short-term decline. It may be able to exceed the $ 160 level if it is able to break the resistance at $ 135. The relative strength index moves below 50 and the MACD is entering the bullish territory. There is significant resistance at $ 135 and significant support at $ 121.

At the moment, ETH is trading at $ 118.15. This shows that it is down 5.91% against the USD and down 2.47% compared to BTC. The trading volume over a 24-hour period is $ 2,487,348,058 and the market capitalization is $ 12,293,849.378.


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