Cryptocurrencies are surely the future of monetary exchange, but they come at a cost. Cryptocurrencies are created through a process known as mining. Mining has a massive impact on the environment, which is the primary reason that people have been criticizing the use of crypto for the past few months. If you want to become a pro in bitcoin trading, you must visit altcoinsidekick.com. So, seeing the criticism, some cryptocurrencies are making significant changes in their work to reduce environmental harm.
Ethereum to become environmentally friendly with some major changes.
When it comes to cryptocurrency, Ethereum is the most popular one after bitcoins. And along with bitcoins, it has also been criticized time-to-time for the environmental harm caused by Ethereum mining. So, to resolve these issues, Ethereum has decided to make some big changes in its working and system, which will minimize the energy consumption by 99%, and the environmental damage will be minimum. The founder of Ethereum said that change would be implemented by the end of 2021, and it will surely help in making the cryptocurrency more environmentally friendly.
Actually, Ethereum currently works on the Proof of Work system, which is also known as PoW. It is effective but is not efficient, and the energy consumption is at its peak, which causes some severe damage to the environment. So, the developers are planning to shift from PoW system to PoS system, which stands for Proof of Stake system. Once the Proof of Stake system gets applied, one of the biggest problems of blockchain will be resolved. The shift is the need of the hour, but it is not an easy task, so it will take some time. Another primary motive of Ethereum behind shifting to the Proof of Stake system is that it will help them to cut down the costs. With PoS, there will be no need to have powerful computers running 24×7. A validator will be used to confirm the transactions and adding new blocks to the blockchain.
How will Ethereum bring such massive change?
Most users were doubtful that if Ethereum can make such a massive shift, but to clear all their doubts, Ethereum has revealed the process. The process of shifting from PoW to PoS involves three stages. The first stage is termed The Beacon Chain, in which ETH staking will take place. The first step has been started and is in process. The second stage of the process is named The Merge. As understood from the name itself, in the second stage, the present systems will be merged to the new system, and it will take some time but is expected to be completed by the end of the year. If we talk about the third and last stage, there is some time for it, and it won’t be completed before next year.
The last stage of the process is sharding, in which all the data will be divided and will be spread equally over the network to minimize the load. The shard chain will be used to distribute the network load over 64 chains which will help in reducing the hardware requirements in the network. The best thing about it is that after sharding, the validators won’t have to run the entire network for validating a transaction, and they would be able to do it by simply running the data for the shard only.
Chia launched as an environment-friendly cryptocurrency.
While all the cryptocurrencies are facing a backlash due to their environmental impact, which has also led to a market crash, another cryptocurrency has touched the crypto market, and it is known as Chia. Chia is founded by the creators of BitTorrent and operates quite differently from other cryptocurrencies in the market. Chia network doesn’t work on mining; instead, it is based on farming. It doesn’t require highly powerful computers, processors, and the latest graphic cards as it can simply farm cryptocurrency on a normal PC without occupying much space on it.
Another significant advantage of Chia is that now you need not have a powerful computer or fast processor to mine cryptocurrency as you can Farm Chia on a simple computer with some cleared space. The primary reason behind making such a cryptocurrency is to minimize the negative impact of crypto mining on the environment.
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