Ethereum, the world’s second most valuable cryptocurrency, has completed a significant software overhaul which promises to ramp up security of the cryptocurrency while claiming to cut down on its carbon footprint, nearly entirely.
The revamp, known as ‘The Merge,’ will cast aside the need for crypto miners and gigantic mining farms, who had previously driven the blockchain under a mechanism called ‘proof-of-work’ (PoW). Instead, it has now shifted to a ‘proof-of-stake’ (PoS) mechanism that assigns ‘validators’ randomly to approve transactions and earn a small reward.
The move to PoS will reduce ethereum’s energy consumption by nearly 99.95 per cent, according to the Ethereum Foundation, a non-profit organisation dedicated to supporting the cryptocurrency and its related technologies.
What has exactly changed?
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