Ethereum Foundation researcher Justin Drake said that the move would reduce worldwide electricity consumption by 0.2% on the Ethereum Foundation’s live stream. Perhaps the most significant of these changes is an estimated 99.95% reduction in energy consumption. As Ethereum will no longer rely on miners operating energy-intensive hardware, it will become much more efficient. Proof-of-Stake is set to bring several major changes to the Ethereum network. With today’s switch, Ethereum will now rely on validators staking ETH to achieve consensus and secure the network.
The switch saw Ethereum’s Proof-of-Work mainnet “merge” with its Proof-of-Stake Beacon Chain it’s been described as the equivalent of an airplane changing its engine mid-flight. The update, known as Paris, followed last week’s Bellatrix upgrade in which Ethereum prepared its consensus layer for the main event. Everyone who helped make the merge happen should feel very proud today.Įthereum switched to Proof-of-Stake when the network’s Total Terminal Difficulty threshold, a measure that determines the difficulty of mining Ethereum blocks, hit 58750000000000000000000 early Thursday. This is a big moment for the Ethereum ecosystem. Ethereum co-founder Vitalik Buterin marked the event on Twitter, saying it was “a big moment for the Ethereum ecosystem.” Ethereum developers celebrated the upgrade alongside other prominent community members with a live streaming party over 40,000 people tuned in to watch as the Merge shipped.
#Ethereum cryptocurrency will jettison speedier proofofstake update
The world’s second-biggest blockchain launched its long-awaited “Merge” update early Thursday, moving the network from a Proof-of-Work to Proof-of-Stake consensus algorithm. Ethereum Completes the MergeĮthereum has completed its transition to Proof-of-Stake. “The Merge” is one of the most significant events in crypto history.
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