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Argent
@argentHQ
We’re already seeing cryptocurrencies being excluded by leading companies because Proof of Work blockchains don’t align with their climate targets. For example, Mozilla no longer accepts donations from PoW blockchains. And they’re not alone.
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Mozilla
@mozilla
Thank you all for engaging in this important discussion about the impact of cryptocurrencies on the environment, and for pushing us to think critically about our climate commitments. Today we’re announcing an update to our cryptocurrency donation policy. foundation.mozilla.org/blog/reporting
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Argent
@argentHQ
Currently, Ethereum uses Proof of Work as its consensus mechanism (the way blockchains agree on its data). It’s inefficient, expensive, and will continue to get worse if adoption increases. Something has to change. Enter: The Merge.
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Argent
@argentHQ
The Merge is an exciting update coming later this year. Ethereum’s consensus will move to Proof of Stake. With a 99.95% reduction in energy usage. And much more.
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Argent
@argentHQ
The Merge is one of the most significant Ethereum upgrades. Transitioning from Proof of Work to Proof of Stake. A 99.95% reduction in energy use. ETH becomes a store of value and a productive asset while being deflationary. & much more. Here’s what you need to know 🧵
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Argent
@argentHQ
Greater energy efficiency is clearly a good thing. And while Ethereum, DeFi, and NFTs are democratizing and revolutionizing finance and ownership… None of it should be at the expense of our planet.
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Argent
@argentHQ
This is a huge narrative change. If crypto is seen as environmentally harmful, it could lead to damaging industry regulation. The Merge should do good, while combatting the narrative that crypto is harmful.
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Argent
@argentHQ
Proof of Work isn't fit for purpose long term. It's bloated and inefficient. Bitcoin kickstarted everything with PoW, laying the foundations for this industry. But it’s time to move on to something more efficient.
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Argent
@argentHQ
We won’t enter the “Proof of Stake is better than Proof of Work” debate in this thread. It’s been done before. And will continue to be debated. But if you want a good place to start, then we recommend this
@BanklessHQ
podcast:
youtube.com
The PoW vs. PoS Debate | Lyn Alden & Justin Drake
Lyn Alden is the Founder of Lyn Alden Investment Strategy and an expert in macro markets who’s also a strong Bitcoin, proof-of-work proponent. Her friendly c...
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Argent
@argentHQ
The Merge means Ethereum becomes cleaner and greener without compromising on security or decentralization (more on that next week). It’s huge.
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Argent
@argentHQ
The Merge won’t reduce transaction fees. However, ZK-rollups offer the best of Ethereum at a fraction of the cost. Importantly, they’re aligned with the environment. Compared to L1, there’s a 70-90X saving in carbon emissions. Another reason for you to start using them
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