Cloudflare, one of the biggest content delivery and DDoS mitigation companies, announced a new Web3 push that leverages Ethereum's upcoming proof-of-stake network.
Proof-of-Stake PreferenceCloudflare made clear that it supports proof-of-stake networks due to the low energy usage compared to proof-of-work-based counterparts, declaring that “the energy required to operate a proof of stake validator node is magnitudes less than a proof of work miner.” About proof-of-work-based networks, like Bitcoin, Cloudflare stated:Proof of work networks are wasteful. This waste is driven by the fact that proof of work consensus mechanisms are electricity-intensive.
The company also declared that, as part of its commitment to sustainability, “Cloudflare has not and will not run our own proof of work infrastructure on our network.” While Cloudflare will start experimenting with Ethereum first, it also mentioned another consensus mechanism, “proof of spacetime,” in its press release.This consensus mechanism is the one used by Filecoin, a decentralized storage network that uses incentives to maintain the files of the participants.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Major validator calls for ‘completely new chain’ to replace TerraWhere does the $LUNA community go from here? As the dust settles from the Terra ecosystem crash and the community decides the next steps, the CEO of a validator runner in South Korea thinks the old Terra chain should be shut down permanently.
Read more »
Twitch co-founder raises $24M for Web3 gaming firm MetatheoryMetatheory, a Web3 and NFT gaming company started by Twitch co-founder Kevin Lin last year, raised $24 million from crypto and Metaverse focused venture capital firms.
Read more »
Bitcoin, Ethereum Technical Analysis: BTC Below $30,000 to Start the Week – Market Updates Bitcoin NewsFollowing a volatile weekend of trading, cryptocurrency prices consolidated to start the week, with BTC close to its long-term floor.
Read more »
Crypto manager Ikigai raises $30 million for web3-focused venture fundThe new fund is designed to invest in startups or projects related to the metaverse, blockchain gaming, NFTs, DAOs and other web3 projects.
Read more »
Using the Truffle for VS Code Extension to Create Web3 Projects | HackerNoonThe right tools make developing Web3 projects much easier. We'll explore the Truffle for VS Code Extension from the start of your project to deployment.
Read more »
DeviantArt is expanding its system for flagging stolen NFT art'Unfortunately, Web3 is just not delivering on that promise.'
Read more »