THELOGICALINDIAN - Following a cheep from Elon Musk highlighting Teslas abeyance of bitcoin acquittal accepting due to skyhigh activity needs the industry bound responded by highlighting the able solutions that already abode this drawback
Musk’s Comments Conveniently Ignore Reality of Blockchain Innovation
Ever the analyst on all things crypto, Elon Musk took to Twitter on May 13th to explain that Tesla would append chump purchases of cars with bitcoin (BTC), pinning the accommodation on the network’s ability burning as the catalyst.
Although he has been one of crypto’s better advocates over the aftermost few months, Musk’s latest comments beatific bitcoin prices into a tailspin, bound sparking a abrupt selloff that has asleep about 13% of its amount over the aftermost 24 hours at the time of writing. Yet, his comments discount one of the best analytical arguments for cryptocurrency’s absolute usage: the actual pantheon of acceptable solutions and alternatives that abode absolutely this point.
The Layer 2 Scaling Response
Despite his activity burning comments, there are applicable solutions already advised to abode his point. Although aimed at absolute transaction throughput, the Lightning Network was amidst the aboriginal to abode the scalability problems of Bitcoin, and back then, others accept abutting the fray.
Among the projects focused on activity burning is Polygon, which has congenital an eco-friendly band 2 band-aid for Ethereum. In agreement of powering the network, the platform’s claret and sidechains purportedly crave several orders of consequence beneath ability than both Ethereum or Bitcoin, authoritative it a applicable acknowledgment to Musk’s chase for a cryptocurrency that requires beneath than 1% of the commensurable ability per transaction.
PoS to the Rescue
Proof-of-stake (PoS) has emerged as the bright amateur to the proof-of-work (PoW) blockchains that initially bedeviled the arena. The abstraction abaft PoS is that bread holders pale nodes amenable for acceptance transactions, abbreviation the charge for the astronomic ability burning and computational assets appropriate by absolute PoW blockchains.
The Twitter hivemind was quick to point this out, and amid the respondents was Elrond CEO Beniamin Mincu. Elrond operates on a Secure-Proof-of-Stake (SPoS) blockchain that involves adaptive accompaniment sharding to accumulate the arrangement operating at an optimal level.
Tezos, which runs a Liquid-Proof-of-Stake (LPoS) accord archetypal was additionally quick to adapt a aciculate acknowledgment to Musk, afresh highlighting a arrangement with ability burning abounding orders of consequence lower than aggressive blockchains like Bitcoin and Ethereum.
Not to be larboard out of the conversation, Jelurida CEO Lior Yaffe, the architect of Nxt, the aboriginal PoS-based open-source blockchain, opined on the matter, highlighting that the networks he maintains already abode the actual affair Musk raised. Yaffe explains,
Putting Musk’s Comments in Perspective
So why the abrupt focus on Bitcoin’s activity consumption? Perhaps Musk is leveraging his astronomic belvedere to activate allusive change and accession the bar. Moreover, his use of the chat “suspended” possibly indicates that he isn’t absolution go of the abstraction of Bitcoin altogether but rather blame for a added adorable outcome.
However, for all his assuming on the abridgement of Bitcoin’s green-ness, Musk should booty heed of the actuality that Tesla doesn’t consistently ability the bar he set for Bitcoin. Consider for one that best Tesla’s are still powered by deposit fuels basement the grid. And don’t get us started on the abuse acquired by lithium batteries. To adverse his point alike further, abstracts aggregate by Coinshares estimates that renewable sources generated about 74.1% of the activity acclimated to abundance Bitcoin.
What’s best hasty is that accustomed Musk’s assets and stature, why isn’t he added accustomed with the absolute innovations already advancing cogent changes in the blockchain universe?
What do you anticipate is Musk’s comedy here? Does he accept an ambiguous motive? Let us apperceive in the comments area below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
