Ethereum cryptocurrency to slash carbon emissions
The world’s second-largest cryptocurrency, Ethereum, is only months away from a new infrastructure model that would produce a fraction of its carbon emissions. Because Ethereum also provides infrastructure for many other digital currencies, this shift towards cleaner crypto mining could radically improve the energy usage in the cryptocurrency industry.
The project aims to change the way Ethereum transactions operate. Currently, Ethereum uses a “proof-of-work” system which requires every Ethereum transaction to burn electricity doing complex mathematical calculations to ensure that the system cannot be dominated by any single person. However, this switch will introduce a model known as “proof-of-stake” under which existing users will have to stake a portion of their currency during the transaction, considerably reducing the amount of electricity used.
Ethereum is expected to drastically increase in value after the introduction of its new system at the end of this year. Only time will tell how this will impact the crypto giant.