IOHK CEO Charles Hoskinson in a recent interview with Forbes spoke about Cardano’s eco-friendliness, claiming that the Cardano blockchain is 1.6 million times more energy efficient than Bitcoin. Hoskinson comment show the advantages of Proof of Stake over Proof of work.
The primary difference between proof of work and proof of stake is that first stage—the picking of somebody to be in charge. With a proof of work system, it’s a meritocratic MINING process; basically, you’re mining hashes, and those are like lottery tickets. You just keep going until you hit the lucky numbers. Then you say, “I have a golden ticket.” And that gives you the right to make a block. The higher the value of the asset, the more competition you get, the more energy expenditure.
The advantage of proof of stake is that you dont need expensive equipment and lot of energy to decide who will mine the Block. Avoiding extreme mining competition can save lot of energy and help environment.
Hoskinson, is not the only personality that targets Bitcoin’s energy consumption. As reported by TheCryptoBasic Recently on Earth Day Ripple co-founder Chris Larsen urges Bitcoin miners, and core developers to consider abandoning the Proof-of-Work consensus mechanism. Chris Larsen urges to work people who create and contribute to the Bitcoin code, key miners, exchanges, and core developers-to consider opting out of PoW. He praised Ethereum for its decision to switch to Proof-of-Stake.
Bitcoin lovers were quick to dismiss comments about Bitcoin’s carbon emissions. A study conducted jointly by Square and Ark Invest shows that BTC can actually accelerate the adoption of green energy, and profit mining will make it affordable.