Ethereum, the world’s second most valuable cryptocurrency, has completed a massive software upgrade that its backers claim will slash its carbon footprint.
The long-awaited revamp, which is known as “The Merge,” will reduce ethereum’s energy consumption by nearly 99.95%, according to the Ethereum Foundation, a nonprofit organization dedicated to supporting the cryptocurrency and its related technologies.
“The Merge refers to the original Ethereum Mainnet merging with a separate … blockchain called the Beacon Chain,” it added.
Until now, both ethereum and bitcoin were running on a mechanism called “proof-of-work,” under which high-powered computers were required to solve complex puzzles. The merger moves ethereum to a mechanism called “proof-of-stake,” which is much more energy efficient.
“Happy merge all,” Vitalik Buterin, the 28-year-old Russian-Canadian programmer who helped create Ethereum said on Twitter. “This is a big moment for the Ethereum ecosystem. Everyone who helped make...
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