By Arnaud Gueguen, Founder & CEO BIMCHAIN.
You may have read the play by Samuel Beckett, where 2 characters are waiting for a someone named Godot – this mysterious Godot never shows up and we will never know who he is.
Will Ethereum 2.0 be our Godot? No, because we know exactly who Ethereum 2.0 is; we’ve talking about this major upgrade for years now. But will it arrive ? in Q1 2020, for sure! before being announced that is postponed, again. There were many reasons why we chose Ethereum at the first place. One was the promise of this new version tha, among many other things, drops the ‘Proof of Work’ consensus mechanism for ‘Proof of Stake’.
In short, a mechanism that will allow Ethereum to stop burning crazy energy to keep its network in sync.
Blockchains are not equals when it comes to energy and climate impact. Bitcoin is by far the worse, and Ethereum comes second, consuming the equivalent of a country as Iceland one transaction gobbles more power than an average U.S. household uses in a day.
“That’s just a huge waste of resources” claimed Vitalik Buterin in 2018, and Ethereum 2.0 is supposed to cut by 99% the energy needed for a transactions to happen. We can not wait for this migration to happen. To measure this energy consumption 2.0 and check whether or not Ethereum is a sustainable infrastructure. Second part of 2020, for sure this time!