Ethereum, which uses as much electricity as the entire country of Chile, has moved to a proof-of-stake system that could cut its energy use by as much as 99%.
on Twitter, a landmark in digital history that could help the sector shed its environmentally unfriendly reputation and pave the way for wider mainstream adoption.Ethereum completed an ambitious software upgrade on Thursday that links it to another network and fundamentally changes how transactions are verified on the blockchain.
The overhaul, dubbed the “Merge,” shifts Ethereum away from the energy intensive proof-of-work mechanism that relies on crypto miners maintaining the network by solving complex mathematical problems. Post-Merge Ethereum will use a proof-of-stake mechanism, which eliminates crypto mining and requires “validators” to stake their own cryptocurrency for a chance to verify a transaction in exchange for a reward.
The more ether staked, the greater chances of winning, though all staked ether will generate a return.Ethereum’s energy consumption by as much as 99.9%, according to the Ethereum Foundation, something that will go a long way to help the sector win over critics who argue cryptocurrencies are environmentally unsustainable.
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