Wednesday, August 12, 2020
No menu items!
  • News
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Contact Us
More

    Founder of Bitcoin Suisse Says Ethereum (ETH) Will Precede Bitcoin (BTC) to Proof-of-Stake (PoS)

    Must Read

    A New Digital Asset That Surged By 1,800% on Its Launch Day

    A new digital asset is presently attracting the attention of traders and investors in the crypto space after experiencing...

    How Flare Network and Spark Token FXRP Will Substantiate the Utility of XRP for Its Holders

    Many crypto community members have been voicing their opinions regarding the underway Flare Network’s native token that is proposed...

    Coinbase Users Can Now Use BTC, ETH, XRP to Pay For Goods Directly

    The integration of the merchant processor BitPay and Coinbase has given users of the top US-based cryptocurrency exchange the...
    Avatar
    Solomon Odunayo
    Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.




    The founder of Swiss crypto broker Bitcoin Suisse Niklas Nikolajsen, recently predicted that the second-largest cryptocurrency, Ethereum (ETH) will precede Bitcoin (BTC) to Proof-of-Stake (PoS).

    Niklas Nikolajsen related this in an interview for a German TV documentary, which was captured in October 2019, but made available on 6th April 2020.

    He said Bitcoin will move to PoS once Ethereum has proven the success of the algorithm. Nikolajsen argued that the present Proof-of-Work (PoW) of the Bitcoin consensus algorithm “will probably change in the future.”

    Nikolajsen said

    “[Bitcoin’s move to Proof-of-Stake] is not planned, but the second-largest cryptocurrency, Ether, will move to a Proof-of-Stake concept that demands vastly less electricity, already in a few months. I’m sure, once the technology is proven, that Bitcoin will adapt to it as well.”

    “Once it’s proven that Proof-of-Stake works well, it’s a superior system to Proof-of-Work,” he added.

    His prediction that Bitcoin will move to the PoS system was made while discussing the high levels of electricity needed to sustain mining on the current network.

    Nikolajsen played down the general claim that Bitcoin mining consumes the quantity of electricity needed to power small nations. He furthered that energy intensity is not really an issue compared to the sustainability of its generation and the place where the energy is produced.

    Additionally, he said the energy needed to produce gold has to be acknowledged in this scenario, the same way it’s practiced in the banking system and tech industry.

    He said, “Which metropolis in the world doesn’t have 100-story-high banking towers, glowing in a million different colors all night, and their financial systems, their computers, server rooms. How much energy does Facebook consume? They have 21 huge data centers worldwide, I’d say probably more than Bitcoin. The banking system for sure consumes a lot more energy.”

    How Proof-of-Stake (PoS) Works in Blockchain

    Considering the blockchains that use a Proof-of-Stake (PoS) system, nodes in the network engage in validating blocks, rather than miming them like Proof-of-Work (PoW).

    A deterministic algorithm makes the selection of block validators based on the number of tokens a particular node has staked in its wallet.




    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest News

    A New Digital Asset That Surged By 1,800% on Its Launch Day

    A new digital asset is presently attracting the attention of traders and investors in the crypto space after experiencing...

    How Flare Network and Spark Token FXRP Will Substantiate the Utility of XRP for Its Holders

    Many crypto community members have been voicing their opinions regarding the underway Flare Network’s native token that is proposed to come as a stablecoin,...

    Coinbase Users Can Now Use BTC, ETH, XRP to Pay For Goods Directly

    The integration of the merchant processor BitPay and Coinbase has given users of the top US-based cryptocurrency exchange the enablement to pay for goods...

    VeChain and University of Oxford in Joint Research to Support Blockchain Industry

    Due to the importance of consensus protocols in the blockchain industry, VeChain and the University of Oxford have jointly proposed an evaluation framework for...

    XRP-Based Exchange Bitrue Integrates Chainlink (LINK) Oracles to Provide Live Price Reference Data

    An XRP-based cryptocurrency exchange Bitrue has announced the integration of Chainlink (LINK) price oracles to bring live price reference data to its trading platform. The...

    More Articles Like This