Say, “Don’t worry! We pay for carbon offsets ”is the equivalent of lighting a house and placing a single potted plant on the burned property as“ compensation, ”freelance illustrator Bleached Rainbows said on Twitter.
Ethereum has announced that it will reduce its footprint by turning to another model called the “Proof of Stake” that doesn’t require miners to compete to add assets to the blockchain. Instead, the new model rewards participants based on how much cryptocurrency they already own, which significantly reduces computational work and associated emissions.
But since Ethereum announced the idea a few years ago, it’s not clear when the change will actually take place. Dankrad Feist, a researcher at the Ethereum Foundation, a nonprofit that works with the network on the switch, said via email that the effort would take another six to 12 months.
“Switching to the proof of use is not trivial for a network that is currently securing a value of hundreds of billions of dollars. Unfortunately, this cannot be done overnight, otherwise there is a high risk of failure,” said Feist.
A version of the proof of stake has been available on Ethereum since late last year, but it will be difficult to merge with the main platform, he said.
“I’m pretty impatient and I’m trying to move the merger forward as much as possible without unduly jeopardizing the security of Ethereum.”
Some smaller NFT platforms – including one known as Hic Et Nunc, which is based on the Tezos blockchain – – have already started using evidence of the use to attract artists like Mr Lemercier.
By reducing the number calculation required, Hic Et Nunc not only reduces energy consumption. Rafael Lima, founder of Hic Et Nunc, also said it aims to reduce the cost of listing NFTs, which can reach many hundreds of dollars. “It’s just a more efficient algorithm,” he said.