Ethereum: What will happen after scrypt?
As the cryptocurrency rising, for many years, the consensus algorithms with work proof (POW) such as Sha-256 and its variants have been disrupted. However, there is a new player who promises to continue shaking this industry. Meet Ethereum, Blockchain platform, which has been dynamics since its inception.
For those who are not familiar with Script, this is a bag function for the evidence of mining algorithms (POW) such as Sha-256 and its variants. Ross Laszko created it in 2012. As an alternative to the traditional Sha-256 algorithm that uses Bitcoin. Although the scrypt was initially intended for ASIC (integrated circuits typical of a special program), it is incompatible with them, making the mine move to other alternatives.
A new algorithm called Ethash has recently appeared, and Ethereum seems to be ready to use its strengths in the coming months. Ethhash, created by Vitalik Butin, one of the founders of Ethereum, is for energy more efficiently than scrypt, which would further enhance the acceptance of the Miner.
What does this mean Ethereum? Here are some of the basic things to consider:
* Increased competition during mining : Having a new consensus on the horizon, the mining will have more opportunities and can move from scrypt or other POW algorithms. This can increase competition on Ethereum network.
* Improved decentralization : Receiving Ethereum Ethereum, Ethereum community can promote decentralization and reduce any individual mining operation. It is a decisive world where centralization was a problem in blockchain history.
* Increased security : Ethhash energy efficiency can significantly reduce power consumption, resulting in lower miners.
However, it should be noted that the transition from scrypt to ethhash will not be without his challenges. Mountains will have to perform a process called “hard fork” when their existing wallet and mining kits are updated to use Ethash. It takes a lot of time and resource investment.
As with any significant change in the blockchain sector, the future is by nature unclear. But one thing is clear: Ethereum stood as a strong candidate for the role of the largest cryptocurrency platform in the world. Due to the new consensus algorithm and increased decentralization efforts, Ethash is likely to play an important role in shaping the future of the Ethereum network.
What does this mean for consumers?
Acceptance Ethash can cause:
* Increased safety
: Reduced energy consumption of mining energy costs can reduce lower electricity costs.
* Improved scaling : Ethereum network can become stronger and better installed as the decentralization increases to handle larger amounts of operations.
* New use of use : The introduction of Ethhash could allow new programs that use its unique properties such as decentralized funding platforms (Defi) or failure tokens (NFT).
The future is unclear, but one thing is clear: Ethereum is the mission of the revolution, as we consider cryptocurrency and blockchain technology.