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Cleaning up Crypto

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Cleaning up Crypto ( cleaning-up-crypto )

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‘Proof of’...what? The Bitcoin system of solving complex puzzles to verify transactions is known as “proof of work.” An alternative approach is known as “proof of stake.” Rather than miners, it involves “validators” who put down a “stake” in the form of their own cryptocurrency. In return, validators get the right to create or verify new transactions and update the blockchain. Validators are rewarded with cryptocurrency in proportion to the stake they’ve put down. If they attest to a block with false transaction or data history, they lose their stake. Validators are selected at random, so they’re not competing and don’t need as much computing power. “It’s just a matter of having a device with an internet connection,” de Vries says. “That’s why people say you can reduce the energy consumption by around 99.95 percent.” Several high-profile blockchains, such as Cardano, EOS, Polkadot, and Tezos, use some form of proof of stake. But their market shares are relatively small compared with those of Bitcoin and Ethereum. That’s why Ethereum’s move to proof of stake is a big deal. If successful, the move could encourage others to follow, reducing crypto’s carbon footprint. The shift will not be easy. Designing a proof-of- stake blockchain that is scalable and preserves security and decentralization—two of cryptocur- rency’s seminal principles—is nearly impossible. It’s what Vitalik Buterin, co-founder of Ethereum, calls the “scalability trilemma.” “You can’t have the most perfect outcomes for all three characteristics,” the Asian Development Bank’s Khan says. “At best you can have two. You can’t have one cryptocurrency that solves everything.” Will Bitcoin make the shift? “I don’t think proof of work is going away” Khan says. Technicians inspect equipment at a bitcoin mining facility in Quebec, Canada. A single bitcoin transaction may emit as much carbon as more than 1.8 million Visa purchases. “The use case of Bitcoin is very different from Ethereum,” says John Kiff, a former financial sector expert at the IMF. “Bitcoin really does hope one day to be a unit of account or money of some sort, but Ethereum doesn’t aspire to that.” Ethereum’s goal is ultimately to replace internet third parties, such as Facebook and Google, with decentralized appli- cations and contracts that use its ether currency. Bitcoin is largely where cryptocurrency’s energy consumption problem lies, and a Bitcoin shift to proof of stake is improbable. But the supply of bitcoins is finite—only 21 million can ever be in circulation. At some point, the mining will stop. The future may thus turn a little greener. ANALISA R. BALA is on the staff of Finance & Development. September 2021 | FINANCE & DEVELOPMENT 69 PHOTO: LARS HAGBERG / AFP

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