A lot of people have expressed concerns about the energy-intensive nature of blockchain mining (especially in the cryptocurrency realm), which releases lots of carbon footprint to the atmosphere, and these people have the right to be concerned.
Cryptocurrency mining, especially in proof-of-work (PoW) and proof-of-stake (PoS) blockchains, do consume lots of electricity and take hours to complete, partly due to two factors: (1) the desire for monetary reward, and (2) the limitations of PoW and PoS as consensus mechanics, which still involve lots of trials and errors in solving mathematical operations thus are inefficient and energy-intensive. Yet, there is hope that we can make blockchain mining activities less energy-intensive.
As decentralized technology programmers develop more efficient consensus mechanics, such as the proof-of-participation, which are more efficient in their mining processes, involving less trials and errors in their efforts to solve mathematical operations. The decentralized technology is still in its infancy and in its evolution toward a better system, programmers are making sure that they work more efficiently and release less carbon footprint to the Earth.
Host and Script: Sebastian Partogi
Speaker: Roberto Capodieci
Videographer: Putu Christian Welly Robin
Expert reviewer: Jaspal Singh
For more information, head to https://decbc.com and be sure to download the first volume of the “the journey toward decentralization” series here: https://bcz.bz/vol1 (if you want buy the physical book, or the Kindle edition, you can find it at https://www.amazon.com/ZooBC-Roberto-… ).