At a conference held yesterday, Ethereum was a co-founder and unofficial protagonist, Vitalik Buterin argued that Ethereum’s impending transition to a consensus mechanism for evidence of stake is a “solution” to the rampant consumption of blockchain energy.which has outraged critics lately.
In an interview at the virtual conference StartmeupHK, Buterin, who is hosted out of Hong Kong, said the proof-of-stake mechanism “is still in its infancy and less proven” than Ethereum’s current proof-of-work model Ultimately, it can reduce the chain’s power consumption in more than 10,000 times.
The comments come from a time of rampant criticism of blockchain technology for its environmental impact, including from some former supporters. Elon Musk, the founder of Tesla, recently made a 180 degree turn when he accepted payment for Bitcoin payments by the auto company. He said he couldn’t promote the use of fossil fuels by mining Bitcoin. In other threads, he also asked Dogecoin to be more efficient on several key metrics.
Buterin responded directly to these scalability comments in a post on his website. Uncover the problems when trying to scale by simply adjusting the parameters to the size of the blocks.
The limits of blockchain scalability (or why you can’t just increase the block size 10x): https: //t.co/y08T3TMr2U
to???? vitalik.eth (@VitalikButerin) May 23, 2021
The limits of blockchain scalability (or why can’t you just increase the block size 10x)?
Earlier this month, Buterin argued that too Bitcoin’s continued use of proof-of-work means that the chain that is currently the largest in the world will “fall behind” as users demand more and more options. From an energetic point of view, more efficient and more respectful of the environment, A phenomenon that, in his opinion, “makes it possible” for Ethereum to overshadow Bitcoin and to be the greatest digital asset.
Ultimately, Buterin seems to agree with critics that blockchains must adopt newer and more efficient models, especially as the chain grows in volume and becomes a widely trusted computer network.
“What we’re building isn’t just a game anymore. It’s an important part of a new era.”