Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: MrSpasybo on July 13, 2020, 01:59:06 PM
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We all know that POW blockchains in general & Bitcoin in particular consume a lot of electrical energy to maintain the network. Specifically, the Bitcoin network consumes 60 TWh per year on par with Switzerland @@
There is one thing that I think: can Bitcoin be switched to using POS like Ethereum?
Can this be done through a hard fork, possibly the largest in the history of Bitcoin?
If this could happen, what would be the reaction of the community?
+ if you are an environmentalist: you will support Bitcoin for its environmental friendliness;
+ If you are the owner of mining farms: perhaps you will object to being forced to switch to another POW coin;
Look forward to your opinion.
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For a miner, this means the end of the proof of work and the transition to earning interest on proof of stake. There is no definitive answer to whether this is good or bad. Although the PoS algorithm is considered more interesting from a technical standpoint, it can still lead to centralization and price issues.
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POW in general consumes a lot of electrical energy to maintain the blockchain and especially the Bitcoin network.
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I know that the majority of bitcoin holders, and simply participants in this market, oppose the transition of bitcoin to the PoS algorithm, as they believe that it will be a completely different bitcoin. At the same time, it should be taken into account that bitcoin does not have a single cohesive team. It is very difficult for individual groups to agree among themselves on any changes in bitcoin. This is one of the reasons why he is so hard to cultivate.
Bitcoin's consumption of a lot of energy can indeed become a big problem for it from the side of states in the future, and this is increasingly being stated by high officials from various countries.
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You have well spoken, the migration from POW to POS may not be possible. First, know body can tell about the identity of the Bitcoin inventor(s) till this moment and will be very difficult for any one on the crypto community to venture into any migration of the Bitcoin network. I think that the Bitcoin network move from POW to POS may be agreed in the future.
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POW and POS are two different types of consensus mechanisms used by cryptocurrencies. POW, or Proof of Work, is the most common type of consensus mechanism, and is used by Bitcoin. POS, or Proof of Stake, is a newer type of consensus mechanism, and is used by Ethereum. It is possible to convert Bitcoin from POW to POS, but it would require a hard fork of the Bitcoin blockchain.
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For a miner, this means the end of the proof of work and the transition to earning interest on proof of stake. There is no definitive answer to whether this is good or bad. Although the PoS algorithm is considered more interesting from a technical standpoint, it can still lead to centralization and price issues.
This is roughly what is happening now with the price of ethereum after a two-year update of this network. For several days after the completion of the merger, the price of this coin has been falling rapidly and falling decently. The reason lies in the increased risk of centralization and the possible pressure of financial regulators on coins with the PoS algorithm. A few hours after the transition to the PoS algorithm, the chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, announced the possible recognition of coins on PoS as securities. If this happens, it will require crypto trading participants to follow more stringent rules.