Proof-Of-Stake Ethereum far more energy-efficient

Avatar for Martijn Hoogeveen
By
Proof-Of-Stake Ethereum far more energy-efficient
Likethumbsup(2)Dislikesthumbsdown(0)

On September 15, Ethereum made the long-awaited switch to Proof-Of-Stake (PoS). PoS is 99.9% more energy-efficient than Proof-Of-Work (PoW) as was used before and is still in use for Bitcoin mining. In PoS staking tokens, e.g., Ethereum, replaces the energy-intensive mining – solving complex mathematical puzzles – of PoW. Furthermore, 51% attacks are exponential more costly in PoS than in PoW.

Given that this is the largest application of PoS to date, market watchers are concerned that the new consensus protocol might still have flaws. Flaws that hackers will exploit. In the first few days post-Merge – the rollout of the PoS protocol – only two Ethereum wallets are controlling around 46% of Ethereum transactions. In the coming period, the transaction burden is probably shared by more Ethereum wallets, reducing the risks of 51% attacks.

Ethereum founder Vitaly Buterin expects that the switch to PoS will reduce global energy consumption by 0.2%. This significant move towards a more sustainable Ethereum, takes away a major investor concern. Furthermore, is Ethereum now very competitive to PoS competitors such as Solana. However, great the improvement for the many Ethereum users and fans, there is yet a need for great caution. PoS is still not the near zero cost transaction network that most business applications would require.

The Icury of Icecat, defined in an Ethereum smart contract, will benefit from the PoS protocol and expected lowered transaction fees. We will monitor and test whether that leads to certain business applications becoming viable.


Subscribe to our newsletter and stay updated.
Loading

Leave a Reply

Your email address will not be published.

Icecat xml

Open Catalog Interface (OCI): Manual for Open Icecat XML and Full Icecat XML

This document describes the Icecat XML method of Icecat's Open Catalog Inte...
 November 3, 2019
 October 4, 2018
Manual

Manual for Icecat Live: Real-Time Product Data in Your App

Icecat Live is a (free) service that enables you to insert real-time produc...
 June 10, 2022
Manual for Icecat CSV Interface

Manual for Icecat CSV Interface

This document describes the manual for Icecat CSV interface (Comma-Separate...
 September 28, 2016
Manual

Manual for Open Icecat JSON Product Requests

JSON (JavaScript Object Notation) is an increasingly popular means of trans...
 September 17, 2018
Icecat Addons plugins

Icecat Add-ons include Magento, PrestaShop, Shopify, Magento, Google Shopping, Pimcore, Bol.com. NEW: Mirakl

Icecat has a huge list of integration partners, making it easy for clients ...
 November 24, 2022
 January 20, 2020

Iceclog: Content Log New Ideas like a Free Vendor Central

“Iceclog” (Icecat content log) is the Icecat ...
 June 26, 2019
Manual

Manual Personalized Interface File and Catalog from Icecat

With Icecat, you can generate personalized or customized CSV or Excel files...
 May 3, 2022
New Standard video thumbnail

Autheos video acquisition completed

July 21, Icecat and Autheos jointly a...
 September 7, 2021