Is Proof of Stake the future of cryptocurrency?
The exponential growth of crypto currencies has outstripped the technology that it is built upon and now a drastic change is needed to catch up.
The market cap of crypto currency currently stands at $1.1 trillion (February 4th 2021) which has surpassed the previous all-time high of $830 billion during the crypto boom of 2018. With so much new money flowing into the sector, we need to consider the long-term feasibility of the technology. Scalability and sustainability have been perennial stumbling blocks for crypto currencies, because as a blockchain grows, so too does the amount of data stored. The amount of computing power required scales directly with the amount of data stored. This has led to just one bitcoin transaction currently equivalent to the carbon…