At a conference yesterday, Ethereum’s co-founder and informal figurehead Vitalik Butirin argued that Ethereum’s upcoming transition to a proof-of-stake consensus mechanism is a “solution” to blockchain’s massive energy consumption that critics have of late Is provoking
In an interview at the StartmeupHK virtual conference held from Hong Kong, Buterin said that while the evidence of the stake is “still in its infancy and less war-tested” than Ethereum’s current proof-of-work model, it can Ultimately reduce the energy consumption of the series Above 10,000x.
The comments come amid a period of heavy criticism of blockchain technology – including some former supporters – for its ecological impact. Tesla founder Elon Musk recently Took a face-to-face action in relation to a car company that accepts bitcoins Payment, saying that he cannot encourage the use of fossil fuels through bitcoin mining. In other threads, he also called for Dogcoin to increase its efficiency in several key metrics.
Limitations of blockchain scalability (or, “Why can’t you just increase the block size by 10x”):https://t.co/y08T3TMr2U
-Vitalic.eth (@Vitalikbuterin) May 23, 2021
At the beginning of the month, Buterin also argued that Bitcoin’s continued use of proof of work meant that the chain, which is currently the world’s largest, would eventually be “left behind” as users Demand for more energy efficient and environmentally friendly options is increasing – A phenomenon they say makes it “possible” that Ethereum eventually eclipses bitcoin and the largest digital asset.
Ultimately, Butyrin seems to agree with critics about the need for blockchain to adopt new, more efficient models – especially when the chain grows in volume and becomes a broadly dependent computational network.
“This thing that we are making is no longer just a game. It is an important part of a new era.”