Ethereum users expect the big network upgrade to start today, (Wednesday)
The so-called “merge” has garnered so much interest, that it even has its own Google widget ticking down the remaining time.
Tweet on Ether merge towards the ‘environment friendly’ mode
Countdown to Ether merge!
— The_Journalbiz (@the_journalbiz) September 14, 2022
The Ethereum network, is a home to the second-largest crypto, ether
Today will be slated to shift to a more environmentally friendly model meant to attract investors who opine that bitcoin’s model uses too much electricity.
Bitcoin pioneered the proof-of-work model where a global, decentralized network of computers processes transactions and adds them to the blockchain by generating random numbers in hopes of finding the right combination to unlock formulas. The miners receive newly minted bitcoins as rewards.
In the proof-of-stake model Ethereum is moving to, validators put their crypto holdings on the line to verify transactions. The “staked” ether tokens act as collateral that can be destroyed or confiscated if the validators behave dishonestly.
Ethereum is about to switch blockchain verification systems from Proof-of-Work to the more energy-efficient Proof-of-Stake.
‘Ethereum Merge’ could cut the network’s energy usage by as much as 99.5%.
It could be a major change towards sustainability for the crypto-currency industry.