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Proof-of-Stake consensus algorithm can solve climate concerns

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Ethereum Proof-of-Stake
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  • Proof-of-Stake consensus mechanism protects Ethereum from environmental concerns
  • A shift from PoW consensus to PoS helped reduce 99.95% power usage for ETH mining
  • Although PoS is advantageous, due to the complexity of the algorithm, it took six years to implement the mechanism

Proof-of-Stake is the underlying consensus of Ethereum blockchain, which is considered green. Since the bullish rally of the crypto market began, the crypto miners jumped on to collecting mining rigs to increase hash power. However, following the enormous amount of electricity requirement in such mining operations, many showed environmental concerns. Mid this month, Elon Musk, the CEO of Tesla, suspended the acceptance of Bitcoin by the car manufacturing firm. And Musk explained that he could not support something that affects our environment.

Proof-of-Stake made Ethereum green

Proof-of-Work (PoW) is the initial consensus that Ethereum has used since it was established in 2015. However, following the concerning climatic issues, the blockchain shifted itself to Proof-of-Stake (PoS) mechanism. According to Vitalik Buterin, co-founder of Ethereum, the PoS model can help shrink crypto asset’s enormous carbon footprint. Following which after the shift to the PoS network, the blockchain became green.

PoS reduces power consumption by 99.95%

Buterin has been a long proponent of the Proof-of-Stake mechanism, which operates under an elemental principle different from PoW. PoW requires a massive amount of hashes, and those are computational power. And to fulfill the requirement of hashes, the crypto miners stack up hardware like ASIC chips and graphic cards.

However, the PoS mechanism is based on the coin holder’s stake. When the miners don’t have to race to find the block first, they don’t require high computing power. Hence, due to the factor mentioned above, the PoS mechanism reduces the energy consumption by 99.95%.

PoS took six years for implementation

With the Proof-of-Stake mechanism, Ethereum claims it uses the power equivalent of a medium-sized country. Although the mechanism has clarified that it successfully has solved the environmental woes, it is still in its infancy stage. Although the mechanism is advantageous in energy, the creation process is highly complex. Buterin stated in a blog post that the team estimated it would take a year to implement the algorithm. However, the implementation process took six defining the complexity of the algorithm.

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