Cloudflare wants to invest in Ethereum (ETH)
Flower CloudAmerican web giant has expressed interest in Consensus Layer Proof Layer (PoS) Modelnamely, the form that Ethereum (ETH) will take after the famous merger:
Today, we are excited to announce the start of our experiment for the next generation of web3 networks embracing Proof of Stake; starting with Ethereum. https://t.co/vTWakkm8Ds # PlatformWeek
—Cloudflare (@Cloudflare) May 16, 2022
Cloudflare sees the Proof of Stake model, and specifically Ethereum, as the future of Web 3.0which is why the company is looking to deploy validation nodes to secure this blockchain, once it has changed its consensus model.
In addition, the company is confident in the added value it can bring to the network, especially thanks to its protocol-based solutions. Interplanetary File System (IPFS). The latter allows a geographical decentralization of data storagecontrary to Data center Web classic, as it is mostly done today.
By extension, Cloudflare opens its part gateway and storage services for Ethereum for the general public.
👉 To go further – Get our guide to buying Ethereum (ETH)
Critical Opinion on Proof of Work
In its report, Cloudflare presents itself skeptical about the viability of the Proof of Work (PoW) model. on which Bitcoin (BTC) is based, for example. For the company, the complexity of calculations is necessary to solve the mathematical enigma that is an integral part of this consensus in such a way as to create a huge waste of energy.
Here we fall back into it the eternal debate which followers share both models. If the high energy consumption of Bitcoin is a fact, this is often put into perspective with the low scalability of the network. However, this is not to mention the Lightning Network, which offers a huge capacity. the whole not to increase its energy consumption.
Of course, every blockchain technology has its advantages and disadvantages and it may never be possible to solve every philosophy. Most important in this and keep up with the various developmentsin order to be able to hold its own in the future, which is currently under construction.
👉 For the same reason – the transfer of Ethereum (ETH) to Proof-O-Stake postponed to Q3 2022
Sources: Cloudflare, IPFS
Get a crypto news feed every Sunday 👌 And that’s it.