Vitalik Buterin: Ethereum is ready to cut energy consumption by 99%

Altcoin co-founder called London hard fork the most significant blockchain change since 2015 and announced the digital coin readiness for further transformation.

Ethereum co-founder Vitalik Buterin said the altcoin is ready for a further upgrade to protocol 2.0, which will result in a 99% reduction in power consumption.

So Buterin, in an interview with Bloomberg, commented on the release of the London hard fork, which took place on August 5, and which he calls the most serious change to the blockchain since 2015.

According to Buterin, the most important part of the update is the EIP-1559 improvement proposal, which completely overhauled the transaction crediting mechanism.

Before the release of London, commissions were paid in the auction format, that is, miners first of all performed transactions with the highest commission.

After the hard fork, each block has a fixed fee, which depends on the network load and demand. Now users do not need to independently calculate and set commissions.

London also introduced the ability to tip miners for faster transactions.

Ethereum 2.0 will allow the original blockchain to scale and make it more user-friendly.

The main feature of the update is the network’s transition to Proof-of-Stake (PoS) consensus – it will replace the Proof-of-Work (PoW) consensus, which the blockchain is currently running on.

The exact date of Ethereum transition to protocol 2.0 is still unknown.

The main difference between PoS and PoW is that miners are not needed to maintain the operation of the PoS network, who generate computing power.

The health of the blockchain is ensured by the holders of digital coin and are rewarded for this.

After the release of the London hard fork, Ethereum rose in price by 7% within an hour .

The cost of the altcoin at the moment reached $ 2.8 thousand. time on August 6, the digital coin is trading at $ 2.77 thousand, and its capitalization is $ 324 billion, according to CoinGecko.

Read More … CryptoQuant CEO: Ethereum Will Overtake Bitcoin By Market Cap

When Ethereum can reach $ 3K?