Cryptoknowmics
2022-09-15 08:13:07

A Successful Proof-of-Stake Merge For Ethereum, Experts Praise

The largest-ever upgrade to Ethereum, infamously known as The Merge, recently went into effect, and experts in the field are hailing it as a game changer for the entire cryptocurrency industry. All indications point to the success of the so-called merging, which aims to reduce the cryptocurrency’s energy use by more than 99%. The Ethereum network upgrade significantly changes how the blockchain secures its network and validates transactions. 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. — vitalik.eth (@VitalikButerin) September 15, 2022 Proof-of-Work (PoW) To Proof-of-Stake (PoS) The method used by cryptocurrencies like Ethereum and Bitcoin to create new coins is frequently criticized. Before the merger, each blockchain had its extensive network of miners operating specialized computers on every continent, crunching mathematical equations to verify transactions. Known as the Proof-of-Work (PoW) consensus, it consumes a lot of energy and is one of the sector’s most well-known targets for criticism. But after the upgrade, Ethereum switched to the Proof-of-Stake (PoS) algorithm, which replaces miners with validators. Validators use their existing Ether cache rather than operating enormous banks of computers to validate transactions and create new tokens. It uses much less power than mining, and according to experts, it wi...

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.