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Ethereum co-founder and figurehead Vitalik Buterin said yesterday that Ethereum’s transition to a proof-of-stake consensus mechanism is a “solution” to the blockchain’s rampant energy consumption as has been criticized lately.
Speaking at the StartmeupHK virtual conference, Buterin seems to agree with critics and spoke of the need for blockchains to adopt newer and more efficient models. As volume and adoption grows this becomes inevitable:
“This thing we’re building isn’t just a game anymore. It’s a significant part of a new era.”
Buterin further said that proof of stake can ultimately reduce the chain’s energy consumption by over10,000x. However, he noted that Ethereum’s proof of stake is “still in its infancy and less battle-tested” than its current proof-of-work model.
His comments are amidst roaring times for the crypto space, with energy consumption being a hot topic. As a result, cryptocurrencies have seen some of their latest gains dissolve in thin air recently.
In a blog post on his website, Buterin directly also commented on scalability, laying out the problems with scaling by simply tweaking the parameters around blocksize.
Buterin himsels also added some fuel to the recent fire earlier this month when he argued that Bitcoin’s continued use of proof-of-work could have an impact.
Appearing on CNN, he said that eventually Bitcoin would get “left behind” as users increasingly demand more energy-efficient and environmentally friendly options. To Buterin, Ethereum is the better alternative and this could make it “possible” that it eventually will surpass Bitcoin as the top digital asset.