X

Emma from Minneapolis

Signed up at Bet Panda IO 31 minutes ago.

» Try Bet Panda IO too
Do not show again

Crypto Lists has highlighted the resurgence of cryptocurrency adoption in several countries. Usage of cryptocurrencies, including Ethereum and Bitcoin, has raised concerns about the environmental effects they possess. Digital coins use a high amount of energy in their transactions. Ethereum blockchain, being the most used network, seeks to address this by closing in on a significant upgrade. The upgrade will alter its infrastructure to use 99% less energy. Ethereum’s implementation plan is by shifting from its Proof of Work model to a Proof of Stake model. This would significantly impact the crypto mining sector.

Current verification of transactions by miners on Ethereum
There are enormous amounts of energy required to secure cryptocurrencies’ networks. The securement is through mining crypto. Mining has diverse uses other than increasing or decreasing new coins into a network. It also verifies crypto transactions on a blockchain network while inputting them into a distributed ledger. Only verified miners can validate these transactions onto the distributed digital ledger. The network awards them with digital coins for using their resources. Therefore, networks developed ways of ensuring that only verified miners can mine and verify the crypto transactions. It led to the use of the current Proof of work model that also protects the network from external attacks.

However, mining consumes high energy with the Proof of Work model. Every node ought to solve a cryptographic puzzle. The stiff competition among miners to be the first to solve a cryptographic puzzle has cropped up on several large mining farms. Ethereum absorbs over 112 terawatt-hours of electricity annually. This is extremely high compared to energy uses in households and card transactions. Miners with a higher computation power have ease in mining. They often collaborate and use mining pools to combine their computation power and evenly distribute the rewards. The amount of energy is enormous. In addition, it limits small crypto miners against big players who have made crypto mining centralised. Such challenges led to the need for a better algorithm than the Proof of Work model on Ether.

Rating: 9.5/10
Supply: 7,081,679,872 / 10,000,000,000
Release date: October 11, 2017

Description: Ready to buy or short sell Polygon? Learn more about a cryptocurrency with Indian founders, both advantages and disadvantages.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.


The impact of the awaited upgrade to the Proof of Stake model to miners on Ethereum
The new model is Proof of Stake (PoS) which eradicates the competition among miners. The idea was initially proposed in a Bitcoin talk forum, Quantum Mechanic in 2011. In PoS, miners do not compete against each other for a block as one random node validates the next block. PoS users mint new blocks and are identified as validators rather than miners. A validator ought to have a security deposit of a particular amount of cryptocurrency as a stake. The higher the stake, the higher chances of minting a new block. For example, depositing a $1000 stake rather than a $100 stake gives you a ten times higher chance of selection into making a new block.

Despite all this, there is a possibility that a crypto miner can validate a fraudulent transaction or one that does not exist. It is where staking is useful since such validators lose a portion of their stake in verifying such transactions. The weakness of the Proof of Work model is highlighted when a single party buys the majority of the stake in a network and acquires the 51 percent ratio. Once they obtain 51% of the computation power, they effectively control the blockchain. The worst is that they can verify fraudulent transactions. The Proof of Stake extinguishes this weakness as users ought to stake an amount higher than their block rewards. If a user acquires the 51% percent ratio, they pass up way more than their earnings by validating a fake or fraudulent transaction.

When a user ceases to be a validator, their stake and transaction fees are only released after a particular period. This allows the network to penalise the user if they uncover that there were some fraudulent blocks. This mitigates against users acquiring the 51 percent ratio.

Additionally, Proof of Stake limits the number of validators to mine crypto. Therefore, there is less computational energy used. Users do not require advanced tech mining equipment. It significantly reduces the amount of energy in mining.

Crypto lists has identified Ethereum’s Proof of Stake launch to occur in Q2 2022. It is a welcome addition that impacts miners and investors in the network. There shall be more cryptocurrencies adopting the PoS model.

by Our Certified Author
Polygon Coin Newsflash
    Big Bass Bonanza from Pragmatic Play win best gameBig Bass Bonanza from Pragmatic Play win best game
    Friday, 9 Feb 2024 1:07 pm
    There are multiple fishing games and many new ones coming, but only one original - Big Bass Bonanza from Pragmatic Play. Yesterday evening, the previous mentioned online fishing slot won the game of the year on the last IGB gaming show in London before it moves to Barcelona. What is this game about? Well, it's a simple 5x3 videoslot with only 10 paylines, but you can win big if you catch that huge fish in this slot with 96.71% RTP. Players enjoy that random symbols can turn into fish symbols, and hopefully create a big win. You can try Big Bass Bonanza at the anonymous Scandinavian founded No KYC casino called Betpanda IO or at the licensed and combined crypto betting site Bets IO that also...
    Read the full newsflash


    3 Bitcoin casinos to try the great Drops & Wins tournament!3 Bitcoin casinos to try the great Drops & Wins tournament!
    Tuesday, 30 Jan 2024 8:05 am
    Have you heard of Pragmatic Play (see more), the awesome developer? Well, if you have not then simply click on the blue link in this newsflash! They are the founders and hosts of a cross-platform tournament known as Drops & Wins that you might have seen on various sites you frequent. It's a concept that started in January 2020 and has continued to be a player’s favourite ever since. The best bit? It's got largest prize pool in the industry worth €30,000,000 in total for one year. But where to play? First up is the totally anonymous 777 Crypto Casino (try it) where you don't need to provide KYC at any point and you also have a 3000 USDT welcome waiting for you. Second on our juicy list is the legendary LTC Casino (sign up), another site without a single shred of KYC needed where you can get playing in seconds with just a username and password. Not to mention that it's the most beloved site on Crypto Lists by our players! Last but not least is the one and only Bombastic (play now) from Shaggy. We're kidding about that, but what's not a joke is how good it is. A super fresh and clean design combined with a 30,000 USDT + 100 free spins welcome bonus. Absolutely audacious. So, if you want to try Drops & Wins and...
    Read the full newsflash


    Pragmatic Play casinos: 600 000 USDT in Halloween prizesPragmatic Play casinos: 600 000 USDT in Halloween prizes
    Saturday, 28 Oct 2023 5:50 am
    One of the best competitions this Halloween period comes from Pragmatic Play. While the bets are higher than in other competitions - you need to stake at least 0.5 USDT on every bet - the rewards are also way bigger than most other casino rewards this Halloween period. You can play any Candyland or Halloween games in order to be eligible and can win random prize drops in the range of 10 up to 10 000 USDT, where the total prizes given out is staggering 600 000 USDT - which means that a lot of players will be lucky and get some unexpected prizes. Sign-up for a Pragmatic Play Casino such as our favourite LTC Casino, thanks to their game selection and anonymous features. Alternatively, try Bet Panda IO that offer instant payouts and no KYC. Lookin' for something sweet? Play it, don't eat. The rewarding jackpot slot Sugar Rush is one of the most popular jackpot games from Pragmatic Play and it's part of the Halloween competition and you can play it here. Give it a try, it's only Halloween weekend with those amazing...
    Read the full newsflash


    Polygon and Mastercard team up to host Web3 musician eventPolygon and Mastercard team up to host Web3 musician event
    Sunday, 8 Jan 2023 10:08 am
    The Polygon network has partnered with payments giant Mastercard to host an exlusive artistic event. The 'Mastercard Artist Accelerator' is an innovative Web3 focused event that hopes to inspire a new generation of musicians using blockchain technology. This includes the creation and minting of new NFTs. In related news, the native MATIC token Polygon’s increased 3% in the 24 hours following the news...
    Read the full newsflash


    Swoosh: Nike launches Web3 platform with PolygonSwoosh: Nike launches Web3 platform with Polygon
    Tuesday, 15 Nov 2022 9:11 am
    Web3 projects continue to go from strength to strength as Nike announces a partnership with the Polygon network for it's new .Swoosh platform. It's been announced that the platform will offer Polygon-based NFT products. Among other things, the sportswear giant will use the platform to launch virtual apparel like sneakers for avatars that can be used within Web3 games...
    Read the full newsflash

New Casino Reviews
New Crypto Casinos
Best Crypto Casinos
Recent Crypto Sites
Recent Crypto Coins
  • Gorilla logo
     Gorilla
    ETHEREUM-TOKEN
  • Dynasty Wars logo
     Dynasty Wars
    SOLANA-TOKEN
  • Kaspa logo
     Kaspa
    NATIVE-COIN
  • IOTA logo
     IOTA
    NATIVE-COIN
Keep up to date with
 

Our Newsletter

Sign up to our newsletter to get the
latest crypto news, new casinos,
bonus offers and other exciting
exclusives.
* indicates required
CryptoLists.com
Copyright © 2019-2022, by Crypto Lists Ltd (CryptoLists.com). Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.
Jump to top