The Ethereum blockchain, the largest behind bitcoin, is about to undergo the beginnings of a major upgrade.
Dubbed the “merge,” Ethereum is switching to a more energy-efficient method of validating transactions that take place on the platform, known as proof of stake.
The upgrade is similar to how the transition away from using dial-up modems to fiberoptics enabled the internet to be used for a wider variety of things, such as video, online storage and music streaming, Greg King, founder and CEO of Osprey Funds, tells CNBC Make It.
Here’s a look at what the merge means and how it will affect crypto investors.
What is proof of stake?
The merge will transition the blockchain from a proof-of-work (PoW) model to a proof-of-stake (PoS) model. Both are algorithms used to allow users to add new cryptocurrency transactions and keep a record of them on a blockchain network.
The current proof-of-work model requires massive amounts of energy to power computers that race to solve complicated...
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