Ethereum has completed its software upgrade, known as the ‘merge’ to adapt to a more energy-efficient method of minting new tokens.
As of yesterday, the decentralized open-sourced blockchain no longer operates a proof-of-work (PoW) consensus mechanism.
For years the blockchain operated on a PoW which required a vast amount of power and was not only considered environmentally damaging but difficult to scale and very costly for smaller transactions.
Now, Ethereum will be minted by more sustainable proof-of-stake (PoS) methods to protect the environment with greener crypto transactions and solve the blockchain’s scalability issues.
The shift will cut the network’s energy usage by 99.95%, according to the Ethereum Foundation.
Ethereum co-founder Vitalik Buterin took to Twitter to make the announcement.
“And we finalized! Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today”, he wrote.
The upgrade, albeit long-awaited, may pave the way for the rest of the crypto industry to follow suit and prevent further environmental harm caused by mining.
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