Changing the mode of operation of the Ethereum blockchain could lead to its commodification and cause it to lose its leadership, or even its usefulness. In any case, this change generates serious uncertainties. This is what it expresses Laurent Henocque, founder and CEO of Keeex, a document authentication platform.
Reduce energy consumption
By the end of 2022, the Ethereum blockchain will adopt a PoS (Proof of Stake or Proof of Possession) type of operation, replacing its current PoW (Proof of Work or Proof of Work) operation. This change should greatly reduce the electricity consumption of Ethereum, we are talking about a reduction of 99.95%, because Ethereum today uses graphics cards for its computer calculations.
With the arrival of PoS, Laurent Henocque sees it as a trivialization of Ethereum. Ethereum will become a PoS smart contract platform among 200 other comparable platforms, he estimates. Especially since the leader points out that Ethereum has provided its open source code of the transaction language and smart contracts that is reused by the largest number. ” There will no longer be any major technological differentiators in favor of Ethereum, the blockchain will become infinitely cloneable for zero investment, which many industrialists are doing. he said.
Ethereum is a key platform right now. It is said to have a nearly 18% market share of cryptocurrencies, tokens, and other exchange applications.
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