The Merge: how Blockchain went green.

Quantum bases its software on the Ethereum network. After famous The Merge, it became ecological, efficient and green. This is true.  

New technologies aren't perfect at the beginning of their journey. You know, debit and credit cards? In the 1990s they were slow and payments sometimes took a few minutes. Today? Payments are made faster than the blink of an eye, and the card itself is also mostly just on your phone today.  

It's the same with Blockchain. A constant development. It started with the creation of the Proof of Work protocol. Groundbreaking in its essence, which ignited the environment with a new passion. The passion spread over the world. Blockchain network and its creators are implementing new improvements basically every day.  If you would like to understand why Blockchain is groundbreaking, watch this MOVIE. It is superb.

Ethereum currently uses the Proof of Stake protocol. The need to mine the currency has been eliminated, turning it into deflationary money. The number of Ether in circulation will no longer change, and the energy that was being absorbed by Proof of Work is now redundant. In terms of validating further transactions and creating new blocks - validators have taken over the role of miners. A validator is a node (the underlying element of the network - a decentralized server) that holds a minimum of 32 Ether in its portfolio. Appropriate fees are received for validating transactions and the network is secure, as only those with native currency can validate it. Take a look at the graph below to see the energy consumption based on July 2022 data. As we can see, no one has a problem with YouTube consuming more energy than the entire gold digging industry. So why is using a Blockchain network an energy problem? Perhaps the answer is a decentralized structure that eliminates intermediaries, including banks?  


 Source: https://ethereum.org/en/energy-consumption/

Regarding Bitcoin and Proof of Work. Energy consumption is currently at a high level. However, it is worth remembering that energy could be acquired in different ways. Cost optimization is the key to efficient digging. Many Bitcoin mines have their own renewable energy sources. River generators, windmills and even energy from a volcano! In the case of mineral digging, energy most often comes from dirty sources, not to mention that many modern gold mines are extremely unethical. It is worth remembering that Bitcoin is also a deflationary currency. With only 1,810,350 of 21,000,000 left to be dug up, when the BTC resource runs out - energy consumption will also fall.  

It is fair to say that the use of Bitcoin has sparked a worldwide debate about energy costs, which has further coincided with the current crisis. What is most important in all this is that the debate that has arisen has accelerated the creation of green and energy-efficient solutions. The use of energy from renewable sources has been optimized. The problems we are solving by streamlining Blockchain can actually contribute to greener solutions in other industries.  

New technologies go a long way towards full adoption. Initially developed by enthusiasts and innovators, over time they become optimal and convenient. The same will happen with the blockchain network. The Merge is the industry's most significant event, reducing global energy consumption by 0.2%. In fact, Blockchain, considered to be un-environmental and inefficient, is also becoming a leader in energy innovation, where the creation of renewable energy sources followed by wise management is the one of the concerns.