The big Ethereum update is coming. We are referring to The Merge, which promises to bring different innovations to the world of cryptocurrency. This merger is widely expected to make cryptocurrency greener. This is indeed one of the promises of the future Ethereum merger.
The Merge of Ethereum: what are we talking about?
The Merge refers to a large Ethereum update. We also talk about a merger, because it involves linking the two Ethereum chains (the Mainnet Ethereum and the Beacon Chain) so that they become one.
Concretely, the goal of this merger is to abandon classic mining, which works by proof of work, to migrate to a proof-of-stake system.
Proof of work, or Proof-of-Work (PoW), is a system that is often pointed out because of exorbitant energy consumption. This is also why the European Union has planned to ban proof-of-work practices.
As for the proof of stake, it requires a lower energy resource than the PoW. The reason is simple: PoS does not require the use of powerful and heavy computer hardware. Which is the case of PoW.
The green promises of the merger
According to Fast Company, the migration to a greener cryptocurrency is one of the promises of this merger. According to the promoters of the Merge, there will be a 99.95% reduction in energy consumption when the Ethereum blockchain switches from PoW to PoS.
According to the Bloomberg website, the success of such a project will inevitably make the world of cryptocurrency more ecological (and this, in general). Thanks to the new system, Ethereum will therefore become a pioneer of green cryptocurrency. Other networks like Bitcoin will have no choice but to leave the PoW system and move to a more energy-efficient process.
The Ethereum Merge is a highly anticipated event in September. In addition to the various innovations it can bring, its promise to make cryptocurrency greener is highly publicized. This is a highly achievable promise given that the blockchain will transition from a PoW system to a PoS system.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service ofdaily and weekly so you don’t miss any of the essential Tremplin.io!