Russia's central bank deputy governor, Vladimir Chistyukhin, has expressed concern about the possibility of privately held cryptocurrencies being phased out of the country's financial system in the near future. According to Reuters, sources told the news agency that the central bank is concerned about the increasing volume of cryptocurrency transactions, which is threatening financial stability. After the People's Republic of China announced an absolute prohibition on all cryptocurrency transactions and "mining" in September, the value of bitcoin and other major digital coins plummeted.
Blockchain has made headlines recently for using more energy than airlines or even entire countries. Different types of chains have different impacts on the environment based on how they're designed. The proof-of-stake (POS) model is significantly more energy-friendly than the traditional Proof of Work (POW) model. Blockchains operate differently than traditional IT systems. Different types of chains have different impacts on the environment based on how they're designed. Proof-of-work (POW) is what's behind traditional "mining," where miners compete to solve a mathematical puzzle. The Bitcoin Foundation has switched to a more energy-friendly model of proof-of-stake. Proof-of-stake (POS) requires those working on the chain to have skin in the game. POS also reduces power consumption and accelerates the handling of transactions. The model is being adopted by big names in the industry such as Bitcoin, & Ripple.
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