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Currently, Ethereum handles about 30 transactions per second. That's important for Ethereum, which has ambitions of becoming a platform for a vast range of financial and commercial transactions. It also is expected to increase the network speed. Like any other venture depending on cloud computing, its carbon footprint would then be only be that of its servers. It's thought that switching to proof of stake would cuts Ethereum's energy use, estimated at 45,000 gigawatt hours by 99.9%. The idea behind proof of stake is that the blockchain can be secured more simply if you give a group of people carrot-and-stick incentives to collaborate in checking and crosschecking transactions. Along with being greener and faster, proponents say the switch, now planned to be phased in by early 2022, will illustrate another difference between Ethereum and Bitcoin: A willingness to change, and to see the network as a product of community as much as code.
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It was pioneered by Bitcoin and adopted by Ethereum, and has come under increasing criticism for its environmental impact: Bitcoin miners now use as much electricity as some small nations. Miners are the heart of a system known as proof of work. "Perhaps the most important is the jettisoning of the 'miners' who track and validate transactions on the the world's most-used blockchain network. "Ethereum is making big changes," writes Bloomberg.