According to a recent study by the University of Cambridge, the Ethereum blockchain has undergone a remarkable environmental turnaround. Before a pivotal software upgrade in 2022, the blockchain’s greenhouse gas emissions were equivalent to the yearly output of Honduras. However, the promotion has drastically reduced the system’s energy consumption, making it more energy-efficient and sustainable.
This upgrade called the “Merge,” has allowed Ethereum to move away from the PoW consent protocol towards the PoS network. PoS is more efficient in terms of energy than PoW since miners do not need to solve complex mathematical problems during transaction validation.
Instead, Validators are selected based on the number of stakes held, and they get rewarded based on the same principle to prevent network sabotage.
Moreover, the Cambridge Centre for Alternative Finance created a CBNSI sustainability index that assesses the environmental costs of specific blockchain nets like Ethereum.
On the other hand, CBNSI gives statistics on Ethereum’s use of electricity before and during the Merge. Such a measure would indicate that Ethereum has reduced its electricity consumption by 99.95% with the upgrade.
Ethereum Roadmap Towards Sustainability and Environmental Responsibility
The Ethereum roadmap outlines the specific improvements that will be made to the protocol in the future. These improvements will bring several benefits to Ethereum users, including cheaper transactions, extra security, better user experience, and future-proofing. The roadmap also aims to increase the number of blockchain networks included in the CBNSI.
The environmental impact of blockchain networks is a multifaceted topic, and the CBNSI is a step towards a more comprehensive evaluation of the entire ecosystem. The CBNSI provides cutting-edge insights into the environmental footprint of blockchain networks other than Bitcoin, beginning with an in-depth study of Ethereum’s electricity use from a contemporary and historical perspective.
Anna Lerner, executive director of the Ethereum Climate Platform, underscores crypto’s part as a pioneer, disputing blockchain’s image as a pollution creator. Lerner points out that Ethereum shows a solid devotion to the environment by steering clear from adding to pollution, underlining the platform’s pledge to keep nature safe.
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