12:44:39 AM PDT - Sunday, September 25th, 2022

Ethereum switches to proof-of-stake consensus after completing The Merge  

By Editor - Thu Sep 15, 4:29 am

Popular cryptocurrency blockchain Ethereum has completed its long-awaited switch to proof-of-stake. That upgrade process, better known as ‘The Merge’, has been years in the making. According to the Ethereum Foundation , today’s transition reduces Ethereum’s energy consumption by 99.95%. Previously, the Ethereum blockchain relied on proof-of-work, a consensus mechanism that requires a lot of computational effort from all the decentralized nodes participating in the blockchain. The proof-of-stake mechanism radically changes how the Ethereum blockchain works. It eliminates the need for mining new blocks as the network is now secured using staked ETH and validators

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Ethereum switches to proof-of-stake consensus after completing The Merge

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