Question 22521 — payment methods

Summary

Mr. François-Michel Lambert questions the Minister of the Economy and Finance on France's position regarding the blockchain proof of stake (POS), or proof of stake in French. First of all, it should be noted that the environmental footprint of cryptocurrencies depends on the underlying technology for validating the blocks constituting the blockchain. The “mining” activity to validate the blocks of the blockchain proof of work (POW), technology currently dominant in cryptocurrencies, comes with a significant environmental footprint, particularly in countries where electricity is produced from coal. To get the most profit, the “miners” equip themselves with the best computer equipment to validate the blocks and receive the reward. Beyond the risk of monopoly that this technology induces, the electricity consumption of this computer equipment often made up of data centers is enormous. For the bitcoin network alone, this represents Ireland's annual electricity consumption. Thus this technology (POW) poses a major environmental problem if it continues to develop. One of the alternatives that has already proven itself is proof of stake technology, of which it is not necessary to explain in detail how it works. Beyond the fact that it is no longer necessary to spend large quantities of electricity to secure the blockchain, POS technology also makes it possible to overcome one of the criticisms, if not the first, addressed to cryptocurrencies, which is the risk of corruption of the network by a small number of users. Because proof of stake requires the user to prove possession of a certain quantity of cybercurrency (their “stake”) to claim to validate blocks and receive the reward and therefore they have no interest in seeing their “participation”, essential to participate in the process, diminish. About a month ago, Facebook launched its cryptocurrency. Does France intend to remain wait-and-see in the face of this new technological revolution? He asks him if France intends to promote the development of proof of stake technology for cryptocurrencies.

Machine translation from French. The official text remains authoritative.

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