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Behind High Energy Consumption of Blockchain: PoS Consensus Mechanism To Be A Solution

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3 years ago

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The energy consumption of Blockchain

Recently, Elon Musk, the founder of Tesla, posted on Twitter saying that: Bitcoin can consume too much in mining and transaction process, such excessive fossil fuel consumption will result in negative impacts on the ecosystem. The Ethereum co-founder Vitalik Buterin also noticed the high power consumption problem in Blockchain technology. He presented that Ethereum would change its consensus mechanism from PoW to PoS to reduce the power consumption caused by the mining process in PoW-based technologies like the Bitcoin. From a global view, energy consumption issues are concerned by an increasing number of countries. To urge the efficient power usage, many countries and organizations have set up environmental protection plans, such as the UN’s SDG (Sustainable Development Goals) and the US carbon neutrality, etc.

In this context, the future development of a technology need to consider the sustainable development and environmental friendliness as one of the important metrics and goals. As an emerging technology for privacy protection, Blockchain presents excellent protection capabilities. However, such capabilities rely on the large-scale computing resources and result in a large amount of power consumption. Part of the reasons for such high power consumption are due to the PoW (Proof of Work) consensus mechanism which has high demands on the performance of the Blockchain nodes.

Besides energy consumption, other concerns of the consensus mechanism

The technology of the base layer of the Blockchain has the advantages like anonymous, Immutable, decentralized and so on. To achieve these advantages, Blockchain enhances the privacy and protect the transaction process by increasing the cost of network participation. The core concept of the early-stage PoW consensus mechanism is based on the workload cost.  The credibility need to be proved by the cost of a lot of work. In this case, the machines that maintain the ledgers (also referred to as mining nodes) need to continually crack complex math puzzles to obtain Bitcoin as rewards. This computing process not only needs to rely on a large amount of computing resources, but also sacrifices part of the scalability on the Blockchain to ensure safety. When it comes to the boosting growing of transaction volume, this mechanism will not be able to meet high-speed and large-scale processing demands. Based on such limitations of PoW, PoS (Proof of stake) is gaining more and more attention to work as a consensus mechanism with low resource consumption and guaranteed decentralization, safety and scalability.

In a PoS-based Blockchain system, nodes do not have to consume much power to compete for accounting rights. The priority of accounting rights is measured by the amount of stake holdings. In this way, the nodes no longer consume a large amount of electricity to calculate the hash functions, thereby solving the high energy consumption issues in PoW mechanism. In spite of the improved efficiency in PoS, the safety of the mechanism is affected. Therefore, in order to ensure the reliable operation of PoS, the researchers need to develop reliable algorithms from the trade-off among the decentralization, safety and scalability.

Unique advantages of PlatON PoS

With the issues caused by the PoW mechanism has been widely criticized, more and more Blockchain technologies inclined to choose or transit to the PoS-based consensus mechanisms. This results in a boosting growing of the PoS-based Blockchain frameworks in recent years. As the world leader in computing privacy area, PlatON has rooted and researched in privacy computing technologies many years. PlatON’s research and practice in consensus mechanisms are also forward-looking. The PPoS (PlatON PoS) consensus mechanism uses off-chain identity, credit mechanisms and procedural arrangements to provide a scheme to select a number of verification nodes from many participating nodes as fair and randomly as possible. Hence, PPoS can effectively inhibit bribery, collusion, etc., and reduce the consensus cost and improve the system scalability by optimizing technical details. Meanwhile, ensuring the decentralization and scalability, PlatON further enhances the system safety by combining the experiences in computing privacy area. The Alaya network based on PlatON PoS has been operating stably and efficiently for a long time, successfully solving the problem of over-centralization of the system, reducing network communication complexity and message complexity, improving consensus efficiency and the entire Blockchain transaction processing performance. In this case, the safety and liveness of the technology are verified. PlatON has been able to improve its PoS mechanism through its attention to every detail, continuous attempts, active exploration of cutting-edge areas, and forward-looking plans in the future development. Next step, PlatON will continue actively promoting the efficient network operation with high-quality code, providing efficient, high-availability, distributed and sustainable infrastructure applicable for diverse industrial and commercial use cases, and supporting the exchange of data flows in the global world.

References:

1.PlatON has launched the “Rally around the Galaxy” and launched a comprehensive simulation test, https://mp.weixin.qq.com/s/UeIRWj2lKJ7b1umSqU8_yQ

2. [Long Article Explained] What is the Giskard Consensus Mechanism? | Technology Cloud Atlas, https://mp.weixin.qq.com/s/4yHenrGH0E7zzLBuN58BJg

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Alex Jacob

Alex Jacob is a literature author. He was born in Chicago. Alex passion is writing news articles. He writes number of articles and published it.

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Press Release

StorageChain LLC Announces Ambitious Plans to Develop Vector Storage for AI Solutions

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6 hours ago

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September 13, 2024

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California, US, 13th September 2024, ZEX PR WIRE, StorageChain LLC, a leader in decentralized storage networks, today announced its strategic initiative to expand into vector storage, positioning the company as the optimized storage solution for artificial intelligence (AI) applications. This move marks a significant milestone in StorageChain’s evolution and represents a substantial market opportunity in the rapidly growing AI sector.

StorageChain LLC has already established itself as one of the fastest-growing decentralized storage networks globally, providing secure, scalable, and efficient storage solutions to a diverse range of industries. The company’s decentralized approach has set it apart from traditional storage providers, offering unmatched reliability and cost-effectiveness by leveraging a distributed network of storage nodes.

With the rise of AI and machine learning, the demand for specialized storage solutions has grown exponentially. Vector storage, which is essential for managing and processing high-dimensional data, is becoming increasingly critical for AI applications. Recognizing this trend, StorageChain is committed to developing state-of-the-art vector storage solutions that will empower businesses and researchers to harness the full potential of AI.

“Expanding into vectorized storage is a natural progression for StorageChain,” said Chris Dominguez, CEO of StorageChain LLC. “Our decentralized network has already proven its capability to handle vast amounts of data securely and efficiently. Now, by integrating vector storage capabilities, we are not only broadening our service offerings but also tapping into a market that is poised for explosive growth. This is an exciting opportunity for us to redefine storage solutions in the AI landscape.”

StorageChain’s vector storage initiative will focus on optimizing storage and retrieval processes for large-scale AI models, ensuring that data is accessible in real-time and with minimal latency. The company’s cutting-edge technology and decentralized architecture make it uniquely positioned to address the challenges associated with AI data storage, such as scalability, security, and speed.

As part of its commitment to innovation, StorageChain will continue to invest in research and development to create storage solutions that are tailored to the needs of AI-driven enterprises. The company plans to work closely with AI researchers and industry leaders to ensure that its vector storage technology meets the highest standards of performance and reliability.

With this new venture, StorageChain LLC is set to become the go-to storage provider for AI applications, further solidifying its position as a leader in the decentralized storage space.

For more information about StorageChain LLC and its vector storage solutions, please visit us at www.storagechain.io or follow us on X (Twitter) at @storagechain.io

About StorageChain LLC:

StorageChain LLC is a leading provider of decentralized storage solutions, leveraging IPFS technology to deliver secure, scalable, and efficient storage solutions for businesses. With a commitment to innovation and accessibility, StorageChain is at the forefront of the DePIN marketplace, empowering enterprises to embrace the decentralized future.

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Press Release

Celebrate Peace Day with a Concert in Nashville

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6 hours ago

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September 13, 2024

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Nashville, Tennessee, 13th September 2024, ZEX PR WIRE, In honor of the International Day of Peace, Tennessee United for Human Rights is sponsoring a special Peace Day concert on Wednesday, September 18th at 7:00 pm, hosted in the community hall of the Church of Scientology, located at 1130 8th Avenue South, Nashville, TN 37203.

The concert will feature performances by celebrated singer/songwriter Isis Christopher and local band Mockingbird Canyon Road. Along with the musical performances, religious leaders from various faith traditions will deliver messages of peace and unity, reflecting this year’s theme, “Cultivating a Culture of Peace”, in line with the United Nations’ International Peace Day focus.

“This event will be a powerful expression of peace and unity through music and reflection, bringing together people of all faiths and backgrounds,” said Julie Brinker, spokesperson for Tennessee United for Human Rights. “We invite everyone to join us as we work toward building a more peaceful and harmonious community.”

Attendees are encouraged to register in advance at TNUHR.org. The event is free and open to the public. Doors will open at 6:30 pm, with seating available on a first-come, first-served basis.

For more information and to register, please visit tnuhr.org or contact info@tnuhrg.org.

About International Day of Peace:

The International Day of Peace, observed annually on September 21st, was established by the United Nations in 1981 as a day devoted to promoting peace and non-violence worldwide.

About Tennessee United for Human Rights:

Tennessee United for Human Rights (TNUHR) is dedicated to educating individuals and communities about their human rights and fostering respect for the dignity of all people. TNUHR sponsors events and programs that promote peace, equality, and justice across Tennessee.

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Press Release

Besa Gaming Company – Pioneering the Next Frontier in Crypto Gaming

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6 hours ago

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September 13, 2024

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Singapore, 13th September 2024, ZEX PR WIRE, Besa Gaming Company merges gaming and cryptocurrency into a powerful force, appealing to both gamers and investors. Founded by Gabe and a dedicated team, Besa is driven by innovation and a commitment to success, reflected in the name “BESA,” meaning “to keep the promise.”

Besa Gaming stands out by integrating profitable crypto elements into entertaining games, creating a unique experience for tech-savvy gamers and crypto enthusiasts. Titles like Gold Rush Racer and Crypto Crush push the boundaries of crypto integration, offering players fun and financial rewards. Their innovative in-game billboards generate additional revenue for OG NFT holders, showcasing Besa’s trendsetting approach.

Community involvement is key to Besa’s development, with products shaped by feedback. Successful token launches and a collaborative process have positioned Besa as a leader in the industry, capturing attention from influencers.

Despite challenges in the crypto space, Besa is committed to building a self-sustaining ecosystem. The company is expanding into new ventures, including a casino, crypto swap, exchange, and wallet, solidifying its role in the future of crypto gaming. For those seeking a revolutionary experience, Besa Gaming offers a unique opportunity.

Besa Gaming Socials: 

Website: https://www.besagaming.com
Telegram: https://t.me/GamingUmbrella
Facebook: https://bit.ly/besa-facebook
Twitter: https://bit.ly/besa-twitter
Discord: https://bit.ly/besa-discord

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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

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