The Ethereum blockchain, the world’s largest cryptocurrency network other than Bitcoin, has implemented a technical upgrade. This upgrade should increase the efficiency of the network and reduce its energy consumption.
A historic success!
The cryptocurrency world was waiting impatiently. The Ethereum blockchain, the second capitalization after Bitcoin, underwent a significant change on September 15.
Ethereum founder and figurehead Vitalik Buterin tweeted his confidence in the success of the blockchain reboot on Thursday morning. After freezing trading on major platforms such as Coinbase, Bitpanda, and Binance, they announced their resumption. This announcement is a sign of confidence that the Ethereum blockchain upgrade went as planned.
Vitalik Buterin’s Ethereum blockchain community has adopted significant changes to its protocol. Called “The Merge,” this change involved altering the way the blockchain validates operations. This computer ledger is the basis of billions of dollars worth of transactions and is considered tamper-proof. The Ethereum community has chosen to switch between two protocols. The previous one was based on “proof of work” and the other on “proof of stake”. The latter is considered more energy efficient.
Ethereum has the potential to support a wide range of uses. Its cryptocurrency Ether accounts for around 20% of all virtual currencies by value, half that of Bitcoin, which is the most popular in the world.
Despite its smaller reach compared to Bitcoin, Ethereum is used to create NFTs, or non-fungible tokens, as well as games and apps. The community can therefore be reassured and relieved by the success of this operation. Some experts compared this very risky upgrade to changing an airplane’s engine…in mid-flight!
To make way for the update, several major crypto exchanges (Binance, Coinbase, Bitfinex, and Bitpanda) have halted their ETH exchange services. However, all have announced that they will resume trading once the transition is complete. This showed the exchanges’ confidence in the coin and the price of Ether remained around $1595 per ETH.
A fork has been created
According to Manuel Valente of the French cryptocurrency exchange platform Coinhouse, everything has gone well in the small world of crypto. Everything is constantly shared in real time on social networks according to Valente, who adds that no one has triggered an alert. He goes on to say that decentralized finance applications – also known as Dapps – are the backbone of Ethereum and work well.
Cryptocurrency miners performed very complicated calculations in order to validate transactions. This process required significant computing power, and many miners spent large sums of money to purchase these resources. Subsequently, Ethereum came up with a new protocol called Proof of Stake.
Instead of the PoW, the miners who will have to use the proof of stake force them to claim a node (the possession of 32 ETH). This change renders all previously purchased mining equipment useless.
Some Ethereum blockchain users disagree with Ethereum’s morph. As a result, they will continue to work on the old blockchain and have created a second validation system on the blockchain. This resulted in a fork with duplicate ledger records of all Ethereum transactions. This term comes from the jargon of the world of crypto-assets and designates a branching or splitting of a chain.
Ethereum blockchain duplication has happened before in the cryptocurrency world, however, this does not threaten the legitimacy of the news.
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Expected for years, the Ethereum blockchain succeeds The Merge!
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