On Wednesday, the world’s second-most valuable cryptocurrency completed an update that would significantly slash its energy usage.
The new system will use 99.95% less energy, according to the Ethereum Foundation. The upgrade, which changes how transactions occur and how ether tokens are created, could give Ethereum a major advantage as it seeks to surpass rival blockchain Bitcoin.
Interesting stuff.
"Proof of Stake" is *not* the level playing field that "Proof of Work" is.
ReplyDeleteWith bitcoin, for an entity (government) to take control of the blockchain, it must control >50% of the processing power of the mining community. That's exceedingly unlikely.
With etherium, such an entity must take control of >50% of the coins. For fiat printing governments, this is far more likely, and may have some analogy to the means by which the gold an silver markets have been manipulated for decades with "paper" gold and silver.
When governments take control of things like "the silk road" and "coinbase", they usually take control of their holdings, including crypto. That does not bode well for "proof of stake".
DeleteI'm on the fence between proof of work vs proof of work. Only because I'm not well versed enough to hold a legitimate opinion.
Delete