What is Web3?
In 2014, computer scientist Gavin Wood coined the term “Web 3.0” with his idea for what the future internet would entail.
Wood’s idea for Web3 is a decentralized internet that will allow users to own their data and choose what they want to share. The current internet is a centralized system, which gives access to corporations and governments but not the individual. Wood’s idea would allow people greater control of their digital footprint in the future.
The Ethereum blockchain is an example of web3 technology.
Ethereum is a decentralized platform that runs smart contracts. It has been in the news recently for its high energy usage.
Ethereum’s energy consumption was largely due to the Proof-of-Work (PoW) consensus algorithm, which requires miners to constantly solve complex mathematical problems in order to validate transactions and create new blocks. This process requires a lot of computing power, which translates into a huge amount of electricity.
A shift towards more sustainable blockchain
Proof-of-Stake is an alternative to Proof-of-Work and it’s a consensus algorithm that is used in the Ethereum blockchain. It was created by Vitalik Buterin, the creator of Ethereum.
The difference between the two algorithms is that in Proof of Stake, people who own coins are the ones who validate transactions, while in Proof of Work, miners solve complex mathematical problems to validate transactions.
In this way, it’s better for energy efficiency because less electricity is consumed when compared to Proof of Work.
From the official site: https://ethereum.org/en/upgrades/merge/
Finally, the Ethereum organization successfully deployed a new upgrade for its transaction technology (Proof of Stake), making it 99.5% less polluting.
‘The merge’ can be accentuated by metaphorically comparing the Ethereum organization to an imaginary transportation conglomerate with a worldwide 25% overall market share. Imagine it replacing all its fuel engines with zero-emissions engines overnight.
In conclusion
The internet is already one of the largest consumers of energy in the world, but we can make it more sustainable with a few changes. Some people might say that it’s too late or that there isn’t enough time to fix this problem, but I think this is just an excuse because there are many things we can do to make the internet greener.
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