Cryptocurrencies are increasingly singled out for the energy-intensive side of their mining protocol. Ethereum has nevertheless already taken the lead by scheduling a long-awaited update.
The Merge, precursor to the Proof of Stake
Mining is an important part of the cryptocurrency world, fueling both the industry and the circulation of coins. Nevertheless, it is this one that now harms him the most. Considered energy-intensive, cryptocurrency mining is now called upon to find a solution. The situation did not worry Ethereum in the least, which announced 6 months ago (well before the pillory of digital currencies) the launch of its update entitled The Merge (Fusion).
At the time, if the date of the transformation was still speculative, June 22, 2022 will normally be fateful for the start of Ethereum 2.0. By adopting Proof of Stake and simply modifying its network so that the main chain is connected to the flagship chain, Ethereum aims to reduce the energy consumption of mining by more than 99%.
The flagship chain will introduce proof of stake to Ethereum. This is a new way for you to contribute to the security of Ethereum. Think of it as a public good that will make Ethereum healthier and earn you more ETH in the process. In practice, you will need to stake ETH to activate the validation software. As a validator, you will process transactions and create new blocks in the chain. Staking ETH and becoming a validator is easier than mining (which currently secures the network). And we hope this will help improve the security of Ethereum in the long run. The greater the number of participants on the network, the more it will be decentralized and safe from attack.
Article explaining the flagship chain system on the ethereum official website
Even better, mining should even be minimized.
Once the merger is done, stakers will be responsible for validating the Ethereum mainnet. Mining will no longer be necessary, so miners will likely invest their staking earnings in the new proof-of-stake system.
Article explaining the fusion system on the ethereum official website
For now, Ethereum is focused on klin, a phase intended to test the future network and fix any problems before the public launch. A real titanic work however crowned with success, which suggests that the merger could possibly take place sooner than expected.
Cryptocurrencies are slowly transforming their mining system
If Ethereum will officially be the first to make a complete transformation, the public is waiting for Bitcoin to take the plunge in turn. If a simple code change would be enough to improve the situation, the small orange room is still fumbling a little, and this suggestion does not make everyone happy.
Far from the controversy, Tezos is also cleaning up its processes but has not yet commented on its ecological position. However, it is, neck and neck with Ripple and Solana, considered the least energy-intensive cryptocurrency.
Proof of Stake, Proof of History and other processes now seem fashionable, in addition to being efficient. Although younger, recent coins have lessons for older currencies. Bitcoin may be the most valuable, but it struggles to conceal its nefarious hold on the ecology, sounding the death knell for a possible transformation to come for all of today’s blockchain.
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Ethereum: home stretch for “The Merge” green update – BeinCrypto
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