Cryptocurrency Could Go Green With Proof-Of-Stake Verification Model

The video discusses the high energy consumption of cryptocurrencies like Bitcoin and Ethereum, comparing their carbon footprints to countries. It explains the proof of work system, which relies on energy-intensive computations for transaction verification. The video introduces the proof of stake system as a more sustainable alternative, where transaction validators are chosen based on coin ownership rather than computational power. This shift could significantly reduce energy usage. Ethereum is transitioning to proof of stake, while Bitcoin's future approach remains uncertain.

Which country is Bitcoin's energy consumption comparable to?

• Pakistan

• Singapore

• Libya

• Ethiopia

What is the primary function of the specialized computers in the proof of work system?

• To secure the network

• To mine new coins

• To store cryptocurrency

• To verify transactions

How does the proof of stake system select validators?

• Based on the number of coins held

• Random selection

• Based on computational power

• Through a bidding process

What is the expected reduction in energy consumption with proof of stake?

• 25%

• 75%

• 99.99%

• 50%

Which cryptocurrency is planning to transition to proof of stake soon?

• Ripple

• Bitcoin

• Ethereum

• Litecoin