Senior figures in the crypto world said on Thursday that one of the biggest software upgrades the sector has ever seen was completed, an overhaul of the Ethereum blockchain aimed at reducing its massive energy consumption.
Developers had spent years working on a more energy-efficient version of Ethereum, a digital ledger that underpins a multibillion dollar ecosystem of cryptocurrencies, digital tokens (NFTs), games and apps.
"And we finalized!" tweeted Ethereum's co-creator Vitalik Buterin, calling it a "big moment for the Ethereum ecosystem".
Ethereum is the second most important blockchain after bitcoin, but it has faced criticism for burning through more power each year than New Zealand.
Buterin quoted research claiming that the "merge", as developers have called the software upgrade, would reduce global energy consumption by 0.2 percent.
Enthusiasts hope a more energy efficient Ethereum will spur wider adoption, particularly as a way of enabling banks to automate transactions...
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