One of the biggest problems facing those involved in digital currencies is the large carbon footprint they leave behind. However, now, some innovations seem to be allowing this process to become more environmentally friendly within the next year.
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Both Ethereum and Bitcoin operate using a system that requires a global network of computers that operate 24/7. Software developers at Ethereum have been working for years to transition the blockchain to what is known as a proof-of-stake system, which uses a completely different approach to securing the network, which also eliminates the issue of carbon emissions. Due to its complex nature, however, it has taken several years to complete.
Ethereum inventor Vitalik Buterinhopes the change will take place by the end of the year, while others say it will be implemented by the first half of 2022, about a year earlier than expected in December.
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The change could help boost the price of the cryptocurrency Ether, which is essential for Ethereum usage, as environmentally conscious investors take note of its much smaller carbon footprint.
The transition that Ethereum developers are making is a huge undertaking. They have to create, test, and implement an entirely new way to secure their network while maintaining the existing blockchain. Then, when the time comes, they will merge the existing blockchain into the new architecture. The change will also radically increase the speed of transactions that Ethereum can process, making it more competitive with established payment networks like Visa or Mastercard.
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In the new method, the cryptocurrency Ether replaces hardware and electricity as a capital cost. A minimum of 32 Ether is required for a user to stake on the new network. The more Ether a user stakes, the more likely they are to be selected to secure the next batch of transactions, which will be rewarded with a free, albeit smaller amount of Ether, just like in the old method.
Of course, we will have to wait a few more months to see the beneficial results that the new cryptocurrency mining method will bring.
