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Ethereum Plans to Cut Its Energy Consumption by 99 Percent

spectrum.ieee.org

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Re: Ethereum Plans to Cut Its Energy Consumption by 99 Percent

#31

Post by outside1234 »

r32a_ wrote: post #24
chrispeel wrote: post #2

Proof-of-Stake is indeed a good thing, and a worthy focus of the article. From the article we read " the long-term hope is that apps built from them will eventually make Ethereum the ultimate cloud-computing platform. " Ethereum does not claim to be a computing platform in the same way that AWS is; it's for low-complexity business logic only. I think it's misleading to use "ultimate cloud-computing platform" to descr…

Ethereum claims to be the "World Computer" that lets you build "Unstoppable Applications". If that doesn't sound like an AWS competitor then I don't know.

Can we get real for a second? Ethereum has no chance of taking on AWS or Microsoft.

Those are multi billion dollar business with billion dollar requirements in infrastructure investment on a yearly basis. Not going to happen.

Re: Ethereum Plans to Cut Its Energy Consumption by 99 Percent

#32

Post by wmf »

anthonybsd wrote: post #20
cdiddy2 wrote: post #10

Earlier quoted context omitted.

Is Tezos not pure PoS?

Tezos uses delegated PoS, so no, I don't think it qualifies. D-PoS is sort of antithetical to the idea of decentralized blockchain due to a small number of nodes and very questionable process of node (witness) selection.

Won't any pure PoS system naturally evolve stake pooling that looks like DPoS?

Re: Ethereum Plans to Cut Its Energy Consumption by 99 Percent

#33

Post by plywoodtrees »

r32a_ wrote: post #24
chrispeel wrote: post #2

Proof-of-Stake is indeed a good thing, and a worthy focus of the article. From the article we read " the long-term hope is that apps built from them will eventually make Ethereum the ultimate cloud-computing platform. " Ethereum does not claim to be a computing platform in the same way that AWS is; it's for low-complexity business logic only. I think it's misleading to use "ultimate cloud-computing platform" to descr…

Ethereum claims to be the "World Computer" that lets you build "Unstoppable Applications". If that doesn't sound like an AWS competitor then I don't know.

Sure, it's in some sense "an AWS competitor" but something like a billion times less efficient, measured by throughput, energy efficiency, or cost. So, in practice, no it's not.

Re: Ethereum Plans to Cut Its Energy Consumption by 99 Percent

#35

Post by wmf »

FollowSteph3 wrote: post #9

We’re cobstantly dealing with environmental issues and global warming yet burn incredible amounts of energy and carbon compared to the value this gives us. It would probably be more environmentally friendly to not use crypto currencies then to stop using all the electricity you do each day...

incredible amounts of energy compared to the value this gives us

Note that the value of ETH is higher than the value of the energy needed to mine it; that's why people mine. So is your complaint really about mispricing of energy (externalities) or about other people having different values than you?

Re: Ethereum Plans to Cut Its Energy Consumption by 99 Percent

#36

Post by Zhyl »

r32a_ wrote: post #24
chrispeel wrote: post #2

Proof-of-Stake is indeed a good thing, and a worthy focus of the article. From the article we read " the long-term hope is that apps built from them will eventually make Ethereum the ultimate cloud-computing platform. " Ethereum does not claim to be a computing platform in the same way that AWS is; it's for low-complexity business logic only. I think it's misleading to use "ultimate cloud-computing platform" to descr…

Ethereum claims to be the "World Computer" that lets you build "Unstoppable Applications". If that doesn't sound like an AWS competitor then I don't know.

I see it less of a computing platform and more like the spinning table from the beginning of Indiana Jones and the Temple of Doom. The goal isn't to compute faster or better than others, it's for parties with competing interests to trust the computations that have taken place.

Re: Ethereum Plans to Cut Its Energy Consumption by 99 Percent

#37

Post by gweinberg »

onlyrealcuzzo wrote: post #25

Serious question: why was the reward for mining ever so high? Wouldn't most of the energy consumption problems not be a thing if the reward for mining was drastically lower?

Mining is where the new coins come from, so the rewards for mining are proportional to the value of the coins.

Re: Ethereum Plans to Cut Its Energy Consumption by 99 Percent

#38

Post by WatchDog »

onlyrealcuzzo wrote: post #25

Serious question: why was the reward for mining ever so high? Wouldn't most of the energy consumption problems not be a thing if the reward for mining was drastically lower?

Lower relative to what? If a mining reward was 1 eth instead of say 10 eth, then 1 eth would likely just be worth 10 times more.

Re: Ethereum Plans to Cut Its Energy Consumption by 99 Percent

#39

Post by chrispeel »

onlyrealcuzzo wrote: post #25

Serious question: why was the reward for mining ever so high? Wouldn't most of the energy consumption problems not be a thing if the reward for mining was drastically lower?

For Proof-of-work, one wants to incentivize many miners to join the network and mine blocks and thereby increase the security of the network. Others agree the reward is too high at present; the upcoming Constantinople hard fork will reduce the block reward from 3 to 2.

I think the developers didn't anticipate that it would take so long to get to proof-of-stake, and also did not anticipate that the price of Ether would go so high and thereby bring so much mining power on board.

Re: Ethereum Plans to Cut Its Energy Consumption by 99 Percent

#40

Post by 0x8BADF00D »

r32a_ wrote: post #24
chrispeel wrote: post #2

Proof-of-Stake is indeed a good thing, and a worthy focus of the article. From the article we read " the long-term hope is that apps built from them will eventually make Ethereum the ultimate cloud-computing platform. " Ethereum does not claim to be a computing platform in the same way that AWS is; it's for low-complexity business logic only. I think it's misleading to use "ultimate cloud-computing platform" to descr…

Ethereum claims to be the "World Computer" that lets you build "Unstoppable Applications". If that doesn't sound like an AWS competitor then I don't know.

Comparing Ethereum to AWS is an apples and oranges comparison at best. One is first order, and the other is second order.

You could make an argument it’s a competitor to AWS Lambda, but it would be akin to saying lxc is a serverless competitor.

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