Ethereum wants to make its green revolution to consume less energy

Revolution in sight for Ethereum and the world of cryptocurrencies: the second most important “blockchain”, after Bitcoin, will upset this week its mode of operation, in order to become less energy-intensive in a context of rapid growth.

A risky operation which must take place by Thursday and which some compare to the replacement of a diesel engine by an electric motor … on a moving vehicle. Concretely, it is one of the pillars of this (“blockchain”) “chain of blocks” – the technology which serves in particular as a support for cryptocurrencies – which will be modified. As it operates without a central authority, it is therefore up to some of its users to validate the operations that take place there, such as NFT exchanges.

so far, to belong to this circle of “validators”, it is necessary to solve a very complex calculation requiring a great computing power. The exercise, called “Proof of Work” in English (“Proof of work”), consumes a large amount of electricity and so the idea is to find a greener alternative.

Henceforth, it will be necessary to place a bet of 32 Ether (the cryptocurrency associated with Ethereum, i.e. around 50,000 euros) to be able to validate on the “blockchain”this sum can be seized in the event of misconduct, a method called “Proof of Stake” (“Proof of stake” in French).

To perform this switch, an update to the blockchain’s mainnet, dubbed “The Merge”, must take place between Tuesday and Thursday, with various precautions taken. Major trading platforms such as Binance or Coinbase, for example, have planned to briefly freeze Ether trading. If the operation succeeds, we could reduce Ethereum’s electricity consumption by “99%”estimates with AFP Lennart Ante, researcher of the “Blockchain” Research Lab. There will be “no more infrastructure, just software”, he underlines.

Today, this “block chain” consumes some 45 TWh of electricity per year, i.e. around 10% of France’s annual electricity consumption. This carbon footprint is currently pushing certain artists and manufacturers to boycott it, but the success of the transition “could, over time, increase the acceptability of Ethereum and all applications built on the blockchainby decision-makers and regulators”, anticipates the Dutch bank-insurer ING in a recent note.

A risky operation which must take place by Thursday and which some compare to the replacement of a diesel engine by an electric motor … on a moving vehicle. Concretely, it is one of the pillars of this (“blockchain”) “chain of blocks” – the technology which serves in particular as a support for cryptocurrencies – which will be modified. As it operates without a central authority, it is therefore up to some of its users to validate the operations that take place there, such as NFT exchanges. So far, to belong to this circle of “validators”, it is necessary to solve a very complex calculation requiring a great computing power. The exercise, called “Proof of Work” in English, consumes a large amount of electricity and the idea is therefore to find a greener alternative. From now on, it will therefore be necessary to place a bet of 32 Ether (the cryptocurrency associated with Ethereum, i.e. around 50,000 euros) to be able to validate on the “blockchain”, this sum can be seized in the event of misconduct, a method called “Proof of Stake ” (“Proof of stake” in French). To effect this switch, an update of the main network of the “blockchain”, nicknamed “The Merge” (“The merger”), must take place between Tuesday and Thursday, with various precautions taken. Major trading platforms such as Binance or Coinbase, for example, have planned to briefly freeze Ether trading. If the operation succeeds, we could reduce Ethereum’s electricity consumption by “99%”, estimates Lennart Ante, researcher at the “Blockchain” Research Lab, to AFP. There will be “no more infrastructure, just software”, he underlines. Today, this “block chain” consumes some 45 TWh of electricity per year, or about 10% of France’s annual electricity consumption. This carbon footprint is currently pushing some artists and industrialists to boycott it, but the success of the transition “could, over time, increase the acceptability of Ethereum and all applications built on the blockchain, by policymakers and regulators”, anticipates the Dutch bank insurer ING in a recent note.

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Ethereum wants to make its green revolution to consume less energy


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