MIT lists Ethereum 2.0 as the sixth most innovative technology for 2022

The Massachusetts Institute of Technology (MIT) has included Ethereum as one of the 10 Most Innovative Technologies of 2022. This was determined due to the lower capacity it plans to use compared to other cryptocurrencies such as Bitcoin with the arrival of Ethereum 2.0.

This is becauseThe Ethereum network seeks to make it Moving in the first half of the year to what is known as “Ethereum 2.0”. If all goes well, it will allow its network to move beyond electricity-intensive proof-of-stake mining, an issue facing cryptocurrencies that worries environmentalists.

The Massachusetts Institute of Technology estimates that this alternative method of securing digital currency could put an end to the energy consumption problems of cryptocurrency.. He warns that proof of stake is expected to reduce power usage by 99.95% on the Ethereum network.

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If successful, the Ethereum proof-of-stake blockchain could lay the groundwork for broader adoption of energy-saving technology.

The Massachusetts Institute of Technology is in a report on the 10 Most Innovative Technologies for 2022.

By comparison, MIT argues that other networks have considered a change, but appear to be taking a “wait and see” approach. He said, “Cryptocurrencies like Bitcoin use a lot of electricity. In 2021, the Bitcoin network consumed more than 100 TWh, more than Finland’s typical annual energy budget.”

Currently, the development of the Bitcoin network does not plan to reduce its energy consumption. Although globally it is seen that most mining (58% according to the Bitcoin Mining Council) uses renewable energy methods to take care of the environment.

MIT asserts that Ethereum will provide a solution to the energy problem of cryptocurrencies. Source: Pok Rie / pexels.com

The exact date on which Ethereum will make the final Proof of Stake rollover has yet to be announced. Although it is expected in principle to be this year, Ethereum co-founder Vitalik Buterin suggested that it could be delayed until 2023. However, MIT ranked it as the sixth most innovative technology with a premiere in 2022.

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Bitcoin and its energy consumption

Bitcoin has received various accusations globally for its energy consumption. Even CriptoNoticias reported that its ban in Europe was encouraged for this reason. However, there are studies like the one by analyst Lyn Alden that discredit this.

Based on data from the University of Cambridge, Lyn Alden argues that the Bitcoin network uses less power than Google, YouTube or Facebook. appreciate it Media Provides Exciting Reports on Bitcoin Energy ExpenditureIt warns that its consumption represents only 0.1% of global energy expenditure.

 

 

 

 

 

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