Ethereum Moving from Proof of Work to Proof of Stake
The global blockchain market is set to be valued at $ 23.3 bilyon sa pamamagitan 2023. No wonder cryptocurrencies are steadily gaining prominence across the world. Their decentralized nature, rising value, and accessibility make their cases stronger. In fact, their popularity is cemented because a new post on Bitcoin pops up every three seconds on social media. Some of the leading cryptocurrencies being traded across the globe include Bitcoin, Ethereum, and Tether. Ethereum is by far the biggest competitor of Bitcoin due to its widespread usage in decentralized finance. In 2020, Ethereum recorded nearly 1 million transactions. So, when Ethereum announced that it was shifting its consensus protocol, the entire crypto community noticed and debated what the future would look like. Here in this blog, we will discuss what it means and how the future of cryptocurrencies would look, given that this move has already occurred on September 15, 2022. What is a Consensus Protocol? Consensus protocols are algorithms that are followed by companies using blockchain technology that dictate the approach taken to arrive at a consensus through distribution. More specifically, it is the protocol followed by a single data value within distributed systems for attaining a necessary agreement. For cryptocurrencies, such protocols are also designated