Our founder has just published an interesting read about the possible fix to the power-hungry PoW consensus mechanism.
My entire academic career I have been focused on the Earth. Especially, the well-being of the planet we live on. My interests have been climate change and sustainable development and I felt that I could and should learn how to make a change (or at least try to). Due to this, it would seem strange that I have been an advocate of blockchain development and especially the Proof of Work protocols. PoW has also been called the Proof of Waste, as the mining mechanism requires a lot of energy. According to a last year’s article by Cointelegraph, it was stated that Bitcoin (and Bitcoin Cash) mining alone was listed as the 61st highest power consumer in the world (roughly at 0.13% of the global energy consumption). This research was published during the cryptocurrency bull run of 2017. As it stands now Bitcoin’s electricity consumption has risen to 0.32% (40th power consumer) and there are many reasons to believe this will only continue to rise with an increased difficulty of mining. Continue reading….