w 1280 Ethereum's 'Merge' Could Be a Big Deal for the Planet

Ethereum’s ‘Merge’ Could Be a Big Deal for the Planet

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* Cryptocurrencies are often criticized for being bad for the planet.
* Every year, bitcoin mining consumes more energy than Belgium, according to the University of Cambridges Bitcoin Electricity Consumption Index.
* Ethereum is on the verge of a monumental change that will substantially reduce its environmental impact.
* The Ethereum Foundation, a research nonprofit that spearheads updates and ameliorations to the Ethereum blockchain, says the shift will reduce the networks energy consumption by 99.5 percent.
* The Merge hinges on the fusion of Ethereums current proof-of-work blockchain with the Beacon Chain, a proof-of-stake blockchain that was launched in December 2020 but so far has not processed any transactions.
* A couple of upgrades, scheduled to launch over the next few weeks, will lay the groundwork for a segue from one chain to the other.
* After years of delays, the Ethereum community is positive that the long-awaited shift will finally happen, following a successful dry run carried out on a test blockchain, called the Goerli chain, on August 10.
* Proof of stake is predicated on the idea of securing a network through incentives rather than hardware.
* In this scenario, you dont need an expensive mining computer to partake in the network: You can use your laptop to put down a stakea certain amount of cryptocurrency locked in the network.

 

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