Vitalik Buterin, the co-founder of Ethereum (ETH), has recently claimed that proof-of-stake (PoS) is a solution to Ethereum’s environmental woes.
In a report credited to Cointelegragh, at a conference held on 27th May, Buterin argued that the much-anticipated transition of Ethereum blockchain to a proof of stake (PoS) consensus algorithm is a viable solution to the leading blockchain’s energy consumption, which has become a trending topic within and without the crypto ecosystem.
PoS Can Reduce the Ethereum’s Energy Consumption by Over 10,000x
During the virtual conference hosted from Hong Kong, Buterin said it’s clear that proof of stake is still in its early days with less battle-tested than Ethereum’s current proof of work (PoW) algorithm, it can ultimately reduce the chain’s energy consumption by at least 10,000x.
The comments come in a period of increased criticism of blockchain technology, especially proof of work mechanism, for its ecological impact.
The topic started trending after Elon Musk, who was once a stern supporter of Bitcoin (BTC) made a decision to stop the flagship cryptocurrency from being used to purchase Tesla cars, saying that he couldn’t encourage the use of fossil fuels by Bitcoin miners.
The billionaire tech expert also called for Dogecoin (DOGE) to increase its efficiency across several key metrics.
Through a blog post on his official website a few days ago, Ethereum co-founder directly responded to these comments, stating the Elon Musk’s plan to scale Dogecoin (DOGE) 10x is costly because there is a limit to blockchain scalability.
Buterin mentioned two possible ways to try to scale a blockchain: fundamental technical improvements, and simply increasing the parameters.
He stated that increasing parameters is fundamentally flawed since computers that run blockchain nodes cannot spend 100% of CPU to validate the chain.