ETH to go green by cutting 99% of energy used in transactions by year end

03 Feb, 2019 | Updated: 04 Feb, 2019
by Fifi Arisandi
Ethereum
ETH to go green by cutting 99% of energy used in transactions by year end

The Ethereum Foundation has many plans this year, one of them is to significantly reduce the power use for transactions. 

2019 may well be the year of Ethereum, as predicted by experts. Well, maybe if all the plans go as planned.

Read more: Once the ICO market returns, Ethereum ‘Will quickly test $200’, BitMex CEO says

Despite the not-so-good start this year with the postpone of the long-awaited Constantinople hardfork, the now third largest cryptocurrency by market capitalization is looking to cut the energy consumed in transactions by 99% by the end of the year.

Read more: Ethereum's Constantinople hard fork has been delayed over discovered vulnerability

In 2018, the ETH network is said to use roughly as much electricity power as Iceland, which the co-founder, Vitalik Buterin himself said as a “huge waste of resources”.

He is aware, as well as many other proponents that Ethereum’s proof-of-work (PoW) uses too much computational power, which is why, cutting the energy use has become one of the visions of Ethereum since its creation, something that may be achievable if the network eventually switches to proof-of-stake (PoS) consensus.

Rather than trying to build PoS into the existing ETH blockchain, the ETH Foundation leaders decided to create an entirely new blockchain that solely operates via PoS, which they called Ethereum 2.0.

Few months after, it was reported that many projects were under development phase and that programmers have been working on software implementations using various programming languages on Ethereum 2.0.

Buterin warned that there could still be “unknown unknowns” that may cause unwanted issues to emerge and delay their building timeline, which is actually very risky for Ethereum as a multibillion-dollar network, as reported by Spectrum.

However, Ethereum may risk even more if it delays the PoS switch even longer as Cardano, Dfinity and Eosio are just few of those already initiating their own PoS-based blockchains.

The "Ethereum killer", TRON has also been reported multiple times for surpassing Ethereum in many aspects, with the recent news that claim it's taking over ETH's domination in gambling dApps both in traffic and volume. 

Read more: EOS and TRON are taking over ETH gambling dapps in traffic and volume

Will the Ethereum 2.0 bring the network back to its glory again this year? As always, stay with Chepicap for updates.

Checkout also our list of 5 Altcoins to watch in 2019.

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