Ethereum moves to new blockchain transaction verification system to reduce energy consumption

16 Sep 2022 , 07:18 AM

The Merge, a crucial reworking of Ethereum’s blockchain network, was completed as part of the most comprehensive software upgrade in the cryptocurrency world. The second-largest cryptocurrency token has switched from the Proof-of-Work (PoW) to the Proof-of-Stake (PoS) mechanism.

This is the first time a live, active blockchain has taken this action. After that, Ethereum’s energy use will significantly decrease by 99.9%.

The network, which supports a $60 billion ecosystem of crypto exchanges, lending organizations, non-fungible token (NFT) marketplaces, and other apps, will now be more secure and scalable, according to Ethereum developers.

Following the integration, there was an immediate price movement in Ethereum, with the token swinging back and forth between red and green at values around $1,600. Ethereum was trading at $1,473 at 7:21 am IST.

The crypto industry and platforms have applauded this extraordinary achievement, which took around 15 minutes to be deemed a success.

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