V-God: PoS will reduce Ether’s energy consumption by 10,000 times

VitalikButerin, co-founder of Ether, believes that Ether’s upcoming transition to a proof-of-stake (PoS) consensus mechanism is…

V-God: PoS will reduce Ether's energy consumption by 10,000 times

At a conference on May 28, Ether co-founder Vitalik Buterin argued that Ether’s upcoming transition to a proof-of-stake (PoS) consensus mechanism is a “solution” to the blockchain’s insane energy consumption. The source consumption caused by Bitcoin, Ether and other PoW mining has been under intense criticism recently.

In an interview at the StartmeupHK virtual conference in Hong Kong, Buterin said that while the transition to PoS is “still in its infancy and untested in the field” compared to Ether’s current proof-of-work (PoW) model, it could eventually reduce Ether’s energy consumption by more than 10,000 times.

These comments come at a time when blockchain technology has been widely criticized for its ecological impact – including by some former proponents. Tesla founder Elon Musk recently took a U-turn on bitcoin, saying he can’t encourage bitcoin mining through the use of fossil fuels and even stopped Tesla from accepting bitcoin as a payment method. In contrast, he has also called for dogcoin to improve the efficiency of several key metrics, thus scaling the dogcoin network.

In response, Buterin responded directly to these comments about scalability in a blog post on his website, listing the problems with trying to scale by simply tweaking block size parameters.

Earlier this month, Buterin also argued that Bitcoin’s continued use of proof-of-work (PoW) means that what is currently the world’s largest chain will eventually be “left behind” as users increasingly demand more energy-efficient and environmentally friendly options — a phenomenon he said makes it “possible” for ethereum to eventually overtake Bitcoin and the largest digital asset.

Ultimately, Buterin seems to agree with critics that blockchains need to adopt newer, more efficient models – especially as the number of chains grows and becomes widely relied upon as a computing network.

“What we’re building is no longer just a game. It is an important part of the new era.”

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/v-god-pos-will-reduce-ethers-energy-consumption-by-10000-times/
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