ETH slowly gives goodbye to miners
2 min readETH from London’s hard fork is making huge changes. Probably one of the most important factors is the removal of miners, which monitor and subsequently verify transactions in the most used blockchain network.
Proof-of-work has days counted
Miners are an essential component of a system known as Proof-of-work. This model was first introduced at the birth of the first and largest cryptocurrency called BTC. The ETH network subsequently took it over and now plans to shut it down. The reason is logical. This model is simply much more burdensome for the environment. Miners currently consume so much electricity that it can be compared to the consumption of smaller countries.
ETH and Proof-of-Stake
The transition to this model is very important. Proof-of-stake is greener and faster. Therefore, this change is a logical outcome of the development. It is believed that this transition should come in early 2022. According to fans and cryptocurrencies, this change is another important aspect of the fight between Ethereum and BTC. ETH is willing to change and perceive the network as a product of crypto-community as well as the code itself.
Cryptocurrencies would not be able to function without blockchain technology, which still plays a very outdated function, ie maintaining records of time-bound transactions. The only thing that differs from the ledger is that it is registered on a PC around the world and there is no central authority above it, such as the government or the World Bank.
Satoshi Nakamoto thus reached a solution for the so-called excessive spending that has plagued previous digital projects. Blockchain can record every single transaction on the network, so someone who tries to reuse BTC would be easily caught in the act.
