Massachusetts Institute of Technology (MIT) has included Ethereum's Proof-of-Stake (PoS) consensus algorithm in its list of "Top 10 Breakthrough Technologies of 2022".
The Proof of Stake algorithm ranks 6th in the list published in the "MIT Technology Review", where MIT conducts technology reviews. The list also includes different new technologies such as COVID-19 variant tracking, compact fusion reactors and long-life batteries.
MIT sees Ethereum 2.0 as a major technological breakthrough
The consensus algorithm that will take Ethereum to a new era has been at the top of MIT's 10 groundbreaking technologies list published every year.
According to MIT Technology Review, Ethereum's Proof of Stake (PoS) consensus algorithm ranks 6th out of 10 and stands out against other PoS solutions from Cardano, Solana, and Algorand.
The Proof-of-Stake algorithm developed especially for Ethereum does not consume as much energy as the Proof of Work used by Bitcoin. Ethereum currently uses PoW but will soon switch to PoS. It is estimated that the move to PoS will reduce the energy use of the network by 99.95%, making it the most sustainable comprehensive network on the market.
All the "breakthrough technologies" on MIT's annual list share the same trait: the ability to bring fundamental changes to their industries. Ethereum's PoS algorithm also fits this criterion.
MIT Technology Review believes that Ethereum's Proof-of-Stake-based blockchain could lay the groundwork for wider adoption of energy-saving technologies. However, Ethereum's transition to staking may not be as revolutionary as MIT thinks. Because already 6 of the top 10 cryptocurrencies by market capitalization are working with PoS. Bitcoin and Ethereum are the largest cryptocurrencies working with the Proof-of-Work consensus algorithm.
However, Ethereum, which will bring PoS to life, will certainly bring significant changes to the crypto industry as a whole. The transition to staking will likely be completed in the first half of 2022.