“The Merge” or “La Fusion” in French is “a step towards a more sustainable future for cryptocurrencies”.
” The Merge » is an update of the blockchain Ethereum who had last Thursday, September 15. This operation, which has been expected for months, is supposed to greatly reduce the energy consumption of the cryptocurrency network. According to the latest analyses, this merger will reduce the energy needed by Ethereum by an even greater margin than expected. Furthermore, ” The Merge is expected to significantly reduce greenhouse gas emissions from the cryptocurrency network.
A drastic drop in energy consumption
And we finalized!
Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
— vitalik.eth (@VitalikButerin) September 15, 2022
According to an analysis of Crypto Carbon Ratings Institute (CCRI), Ethereum electricity consumption is expected to drop by 99.988%. Previously, the network used around 23 million MWh each year and in the future it is expected to use just over 2,600 MWh per year. To take an image, the CCRI report compares this to shrinking the size of the Eiffel Tower to the size of a Lego toy. Still according to the CCRI, this drastic change should reduce total Ethereum-related carbon dioxide emissions by 99.992%. We would go from around 11 million tonnes of CO2 each year to around 870 tonnes per year. Before ” The Merge “, the Ethereum Foundation (EF), a non-profit organization, had estimated that this update would reduce energy consumption by 99.95%.
This reduction in power consumption of the Ethereum network comes from a change in the way users earn new tokens (or tokens). With “The Merge”, the blockchain Ethereum gets rid of a mechanism named proof of work, an extremely energy-intensive process, to validate blocks of new transactions. This mechanism required crypto miners to solve complex computer puzzles to mine new blocks on the blockchain and earn new tokens in return.
Now Ethereum uses a new mechanism called proof of stake which eliminates puzzles and mining. Now, validators must stake some of their tokens to have a chance to validate new blocks and be rewarded with tokens in return. You still need computers to store data and verify transactions, and validators will likely continue to run their hardware around the clock. Nevertheless, their hardware will always be less energy intensive than mining farms.
This paradigm shift on the side of Ethereum puts pressure on other cryptocurrencies still using the method proof of workin particular the Bitcoinwhich is estimated to use more electricity annually than a country like Kazakhstan.
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The Ethereum blockchain has completed its transition “The Merge” aimed at being more energy efficient – Sitegeek.fr
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