The critical change in the Ethereum blockchain that everyone, except speculative miners, is waiting for is delayed, sowing doubts about its definitive implementation.
The great speculative success of cryptocurrencies it is also his greatest weakness. The technology behind the blockchains of classic cryptos like Bitcoin and Ethreum, called proof-of-workis indecently polluting, and has also seriously damaged the graphics card market, which has been out of stock for two years.
As Ubisoft itself explains, a simple transaction with Bitcoins or Ethereum is equivalent to a million hours of video, in terms of energy consumption. And tens of thousands are produced every day.
Cryptocurrencies already consume more energy than whole countries like Finland or Argentina, so the most serious ones, like ethereumthey have decided change the proof-of-work technology for a new one called proof-of-stake, which consumes 99% less. The problem? That it is as complicated as doing a DNA transplant…
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The technology Proof-of-work (PoW) either Work test that use the block chains of the most important cryptos, is based on use extremely powerful graphics cards with high consumption, 24 hours a dayto make mathematical calculations that allow mining more cryptocurrencies, as well as helping to validate transactions.
This model is very safe, but it requires a large energy consumption, and therefore pollution, and it is slow.
It is becoming more and more obvious that cryptos will not be able to grow if they are increasingly polluting and wasteful: Polluting more than entire countries just to speculate is not acceptable. So Ethereum has decided to change proof-of-work technology to proof-of-stake. It is what they have colloquially called the fusionbecause it will merge the two types of blockchain.
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Proof-of-stake (PoS) either proof of stake eliminate cryptocurrency mining. Now the nodes of the blockchain are made up of validatorsusers who want to participate or who own Ether cryptocurrencies.
The new cryptocurrencies and the rewards for managing trading operations are no longer given to miners and those who are doing a lot of calculations, but to the validators who spend the most time on the network, who reserve the most ether (bet), and other criteria. New tokens and rewards are distributed among all validators that meet the criteria.
The most important thing about PoS is that it consumes 99% less, which eliminates the main criticism of crypto. Another huge advantage is that no mining to do and no extremely powerful cards required, which would free up the graphics card market. Besides transactions are faster. Against it, it is somewhat less secure.
The creators of Ethereum announced months ago that they would switch from PoW to PoS in June. The problem is that this transition is extremely complicated.
Tim Beiko, one of those responsible for this change, has confirmed on Twitter that Fusion is delayed “until a few months after June“, although he assures us that we are “in the final chapter of PoW on Ethereum”:
It won’t be June, but likely in the few months after. No firm date yet, but we’re definitely in the final chapter of PoW on Ethereum
—Tim Beiko | timbeiko.eth 🔥🧱 (@TimBeiko) April 12, 2022
The news is a relief for cryptocurrency miners, that they will be able to squeeze their equipment for a few more months, and they will have more time to sell them. But This is bad news for the environment, energy consumption and gamers.which will possibly see how the replenishment of stock of graphics cards is delayed.
Some also doubt that we will finally see this transfer from PoW to PoS.
Sooner or later, everyone has to realize that this is the only way for crypto to be universally accepted.
George is Digismak’s reported cum editor with 13 years of experience in Journalism