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Among the most popular blockchain networks right now, only Bitcoin and Ethereum and their forks (including code forks like Dogecoin and Litecoin) are still usin
by legutierr 5y ago
Among the most popular blockchain networks right now, only Bitcoin and Ethereum and their forks (including code forks like Dogecoin and Litecoin) are still using proof-of-work. And Ethereum is moving away from it.
After Ethereum migrates to proof-of-stake, of the top 20 cryptocurrencies by market cap, only Bitcoin, Dogecoin and Tether (which is a multi-chain stablecoin) will operate on proof-of-work networks.
https://coinmarketcap.com/ https://coinmarketcap.com/
Alternatives to proof-of-work are no longer "future" tech.
- fabian2k 5y agoSo I don't claim to understand any of this in detail, I only have some superficial knowledge here. How much of the NFT space works without Ethereum? My understanding is zero. They're moving away from it is fine, but they haven't yet. I'll believe it when they actually do that. And then we'll see how that idea works in practice. And we'll see if there are any new, interesting problems with proof of stake.
- legutierr 5y agoSolana is a platform that is frequently used to issue NFTs, and people are releasing NFTs on other blockchains as well. There is a significant incentive to move to these other platforms, because Ethereum is so expensive to use. But yes, most NFTs are issued via Ethereum smart contracts. Ethereum is operating a proof-of-stake network right now in production, and is scheduled to end proof-of-work later this year. My sense is that they will likely complete the transition before the close of 2022, or in 2023 at the latest.