ETH Leading the Green Crypto Revolution?

25 May, 2021 CryptoParrot

Could a Greener Ethereum Surpass Bitcoin?

For more than a decade, Bitcoin has dominated the cryptocurrency market. However, as concerns with its environmental impact hitting from multiple sides, other cryptos start to develop their own solutions to bypass the carbon footprint issue with goals to take on the King of Crypto. 

And no other cryptocurrency is more advanced in this process than ETH. With transformations close to completion in the pipeline, Ethereum's cryptocurrency might as well be the closest contender for the crown.

As Elon Musk and many others pointed out recently, the main concern regarding cryptos now is the impact running a network and mining for new coins have on the planet. With reports that BTC is close to surpassing countries in its energy bill, ETH is quickly phasing out proof of work in favour of a cost-effective way of verifying transactions - proof of stake. According to Vitalik Buterin, inventor of ETH, the goal is to have the problem completely phased out by 2022 at the latest.

Once proof of stake is implemented, estimates claim the cost for running the ETH network will drop to 1/10000 of its current value. This means ETH will jump from the second-largest carbon footprint to the smallest one by share of the market. That, allied with the series of transformations dubbed "ETH 2.0" and many partnerships are the weapons Mr Buterin has to make Ethereum a worthy competitor for the top spot.

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