This staking process will drastically cut Ethereum’s energy consumption. Everyone who helped make the merge happen should feel very proud today,” Ethereum co-founder Vitalik Buterin said on Twitter. Instead of issuing Ethereum rewards based on mining power, proof of stake will instead see rewards distributed to nodes which verify transactions based on the amount of Ether that they commit to the network. This is a big moment for the Ethereum ecosystem. With this first upgrade, the community decided to swap the proof-of-work chain with this proof-of-stake chain upon hitting a certain Total Terminal Difficulty (TTD) value on the original Ethereum blockchain.Īnd that specific event happened earlier today at 06:42 AM UTC, triggering the second part of the transition called the Paris upgrade. Staking uses less power and does not need complicated. On September 6, 2022, the Ethereum community released the Bellatrix upgrade in order to start “The Merge” process. Crypto miners use specialized equipment that consumes plenty of energy and isnt environmentally friendly. It was running in parallel with the main Ethereum blockchain. It eliminates the need for mining new blocks as the network is now secured using staked ETH and validators.Įthereum originally launched a separate proof-of-stake Beacon Chain on December 1, 2020. The proof-of-stake mechanism radically changes how the Ethereum blockchain works. Previously, the Ethereum blockchain relied on proof-of-work, a consensus mechanism that requires a lot of computational effort from all the decentralized nodes participating in the blockchain. But unlike the mining system that Ethereum currently relies on, staking participants will not competitively use energy to discover a block. According to the Ethereum Foundation, today’s transition reduces Ethereum’s energy consumption by 99.95%. Though this reduction in energy consumption was expected, the Ethereum Foundation is clearly attempting to be transparent by indicating that proof-of-stake nodes do consume some energy. That upgrade process, better known as “The Merge”, has been years in the making. Popular cryptocurrency blockchain Ethereum has completed its long-awaited switch to proof-of-stake.
0 Comments
Leave a Reply. |