Stephen Downes

Knowledge, Learning, Community

Traditional blockchains such as Bitcoin and Ethereum are based on 'proof-of-work', which is a requirement that providers solve long cryptographic problems before being allowed to add new data to the chain. This takes a lot of time and creates a huge processing cost for each transaction, so Ethereum has long been working toward an alternative 'proof-of-stake' requirement. This week marks the beginning of that transition. Announced by Russo-Canadian developer Vitalik Buterin in 2013, Ethereum is intended to be used for a wide range of transactions (including educational records and contracts), not just digital currency.

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Stephen Downes Stephen Downes, Casselman, Canada

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Copyright 2021
Last Updated: Mar 31, 2021 01:36 a.m.