Ethereum’s “Merge” Cuts Energy Use by 99.95%
In a move many years in development, the world’s second-largest cryptocurrency, Ethereum (ETH), merged with the Beacon Chain on 15 September. This replaced the original proof-of-work mechanism on the Mainnnet with a proof-of-stake consensus layer that ultimately reduces energy use by 99.95%. Rather than utilizing miners (whose computers use a lot of energy to record transactions to the blockchain), ETH’s value now comes from currency staked in a smart contract. More than 41,000 people viewed the live “Ethereum Mainnet Merge Viewing Party” on YouTube, and the transition was seamless. This historic upgrade means that Ethereum is now a low-carbon blockchain. Read more about the nuance of the transition—and how it affects Ethereum holders and the rest of the world—at Ars Technica.
Image courtesy of Paxful
Via arstechnica.com link opens in a new window
