Low Energy Proof-of-Work: Bitcoin Improvement Proposal Wants to Change Networ...
The most topical conversation in the world of cryptocurrencies right now is the effects of bitcoin mining on the global environment after Elon Musk heated up the conversation. Following the recent Tesla announcement, the cofounder of Siphox and Powx, Michael Dubrovsky, revealed the nonprofit Powx has recently submitted a Bitcoin Improvement Proposal (BIP) that aims to produce a “durable, low energy” Bitcoin Proof-of-Work (PoW) system. A Low Energy PoW Proposal Submitted to the Bitcoin Developer’s Mailing List This week Tesla’s Elon Musk ignited the conversation....
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A text threatening to prohibit cryptocurrencies relying on energy-intensive proof-of-work mining has been deleted from the draft legislation aimed at regulating the European crypto space. The move comes after the controversial provision sparked objections from the crypto community. MiCA Proposal Drops Ban on Proof-of-Work Coins Wording that could have banned cryptocurrencies with proof-of-work (PoW) mining, like bitcoin, is missing in the latest version of EU’s Markets in Crypto Assets (MiCA) framework. The European Parliament (EP) was expected to approve the proposal on the last....
The coming Eth2 Proof-of-Stake chain merge now has an Ethereum Improvement Proposal. A formal Ethereum Improvement Proposal has been created for the network’s forthcoming chain merge, bringing Ethereum one step closer to realizing its highly anticipated Proof-of-Stake (PoS) transition.On July 22, ConsenSys researcher Mikhail Kalinin created a pull-request for EIP-3675 on Github, formalizing the chain merge as an improvement proposal for the first time. The EIP has also been slated for discussion during the July 23 Ethereum Core Devs Meeting by developer Tim Beiko.Hard to overstate how....
A vote currently taking place on ethereum's mining rewards has motivated a big response from its community, despite the fact that its results are non-binding. Described simply as a 'show of preference' by organizers, the vote is designed to indicate support for Ethereum Improvement Proposal (EIP) #186 – a change that, if implemented, would reduce the reward allocated to miners from the current level of 5 ethers per block to a lower figure. According to the proposal's abstract: "A reduction in the issuance of ether is very likely to be price-supportive and lead to increasing....
The Ethereum Improvement Proposal (EIP) 3675 has now launched on GitHub. EIP-3675 contains the ETH 2.0 proof of stake merge that is coming to the network. Although this does not mean that the move to proof of stake is happening anytime soon, it is bringing the Ethereum network one step closer to the move from proof of work to proof of stake. Consensus researcher Mikhail Kalinin creating a pull request for the EIP-3675 on GitHub formalized the chain merge as an improvement proposal for the first time ever. The pull request was made on Thursday 22nd July 2021. Related Reading....
If you've been following ethereum at all, you're likely aware the blockchain project has a lot riding on something called 'proof of stake'. A radical change to how the network forms consensus, the idea is somewhat simple in aim, but potentially history-changing in scope. The story goes like this: As far back as 2011, some developers began to worry about the energy that bitcoin – which uses a process called 'proof of work' (PoW) – would require at scale (some recently estimated that it would consume as much energy as Denmark). Further, bitcoin's mining firms were already becoming big....