Monero and Ethereum's Counterattack On Bitcoin's Power Drain
Mining the cryptocurrency Monero requires about as much cpu as watching a movie on Netflix says Grayson Earle, who is one of the developers of the bail bloc app to mine Monero. The app runs in the background on your computer.
The power used to mine and verify a single transaction in Bitcoin takes the energy required to run a washing machine 200 times, says economist Teunis Brossins, because there are no trusted nodes in the system. The power drain could be dramatically reduced if “trusted nodes” were added to the system.
Other cryptocurrencies like Ethereum require far less energy.
Saving on energy will make a cryptocurrency more sustainable.
Bitcoin could reduce power consumption if trusted nodes were added to the platform. Trusted nodes would mean attaching third party services like “banks” to the system, which runs counter to the decentralized philosophy of bitcoin, which is a 'trustless' system, that requires proof of work to solve complex mathematical equations in order to mine and transact the currency. Adding the element of trust to the system would reduce the energy usage.
One way to reduce energy would be to require miners to put some money in escrow to guarantee that their work was valid. Or, that miners put up a deposit of a certain percentage of their investment up front which they must be willing to lose in place of proof of work.
The developers of Ethereum are working tirelessly to add the Casper protocol which is “proof of stake” and more energy efficient, with faster transactions than “proof of work” Bitcoin, that gives miners rewards for solving difficult mathematical questions. There have been many challenges with adding the protocol, but Vitalek Buterin, the head of Ethereum hopes it will be up and running soon.
mining monero is much easier then bitcoin.
I have started to see all sorts of govt computers being used for monero mining,
Interesting. What country is it?
there have been govts. around the world finding employees mining.
not to mention school its, anybody with access to a lot of servers in any big business.
Also there have been colleges that have found miners running with nobody found guilty........
In fact, Bitcoin is an awesome coin thank you to share it among us
Have a great day!
Bitshares uses something called Delegated Proof-of-Stake Consensus
I recently bought my first shares of Bitshares. I would write an essay about it but I'm too busy with my main topic which takes several hours for each essay. I am really excited to see what happens with Bitshares and it's a popular topic on Steemit since it was started by Dan and Stan Larimer. Perhaps it may interest you?
Yes! I love learning as much as I can. Your series is really great. It is obvious you have taken time and care to produce it. Could be made into a book. I love it.
Thank sweetie I am actually going to put it into a book :)
That rocks!!