To give a short answer: yes. We can fix this, and there are Georgia Email List ways to reach consensus (verifying transactions). The consumption of large amounts of energy remains unavoidable (just like, for example, with the current digital banking system). A good example is Georgia Email List (the second largest cryptocurrency after Bitcoin). For example, Ethereum is currently in the process of switching from Proof of Work to Proof of Stake . With Proof of Stake, new transactions are validated based on how many coins Georgia Email List owns. So no powerful hardware is needed to reach consensus.
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It is a more energy-efficient way of working. This Georgia Email List that the energy consumption of the network will decrease enormously, with practically the same result. Besides Proof of Work and Proof of Stake, there are many other consensus mechanisms. For example, Ethereum and Georgia Email List cryptocurrency projects are already more energy efficient than Bitcoin. In the future we will see which are the most efficient and safe. Whether Bitcoin will simply switch is the question. Technically, it is incredibly difficult to adapt Georgia Email List consensus system of a blockchain. Overcoming the obstacles.
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As with any new development, there are obstacles to Georgia Email List . With cryptocurrency, one of these obstacles is reducing energy consumption. To overcome these, we need to use more efficient cryptocurrencies and smarter consensus mechanisms in the future. Since the cryptocurrency market is developing very fast this will be in the near future. Major players such as Ethereum are already Georgia Email List from Proof of Work to Proof of Stake (a much greener blockchain). Elon Musk also tweeted that he is in Georgia Email List with cryptocurrency developers from both Bitcoin and Dogecoin to tackle this problem. In short, a lot