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Confronting the Carbon-footprint Challenge of Blockchain

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arxiv 2201.06929 v1 pith:ADP2DS5O submitted 2021-12-31 cs.CY

Confronting the Carbon-footprint Challenge of Blockchain

Xiaoyang Shi , Hang Xiao , Weifeng Liu , Xi Chen , Klaus. S. Lackner , Vitalik Buterin , Thomas F. Stocker This is my paper
classification cs.CY
keywords blockchainconsensuscurrentmechanismconsumptionenergyplatformsproof
verification ladder T0 review T1 audit T2 compute T3 formal T4 reserved
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The distributed consensus mechanism is the backbone of the rapidly developing blockchain network. Blockchain platforms consume vast amounts of electricity based on the current consensus mechanism of Proof of Work. Here, we point out an advanced consensus mechanism named Proof of Stake that can eliminate the extensive energy consumption of the current PoW-based blockchain. We comprehensively elucidate the current and projected energy consumption and carbon footprint of the PoW and PoS based Bitcoin and Ethereum blockchain platforms.

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