The new system will use 99.95% less energy, according to the Ethereum Foundation. To its proponents, the upgrade represents a major advantage as Ethereum seeks to surpass rival blockchain bitcoin.
Software
for the Ethereum blockchain has been overhauled, drastically reducing
its energy usage, its inventor and co-founder tweeted on Thursday.
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Most
blockchains devour large amounts of energy and have come under fire
from environmentalists and some investors. Before the software upgrade,
which is known as Merge, a single transaction on Ethereum used as much
power as an average U.S. household uses in a week, according to
researcher Digiconomist.
The
overhaul has changed how transactions on the Ethereum blockchain occur
and how ether tokens, the second-largest crypto coin after bitcoin, are
created. read more
Ethereum
has moved from a "proof of work" system, in which energy-hungry
computers validate transactions by solving complex maths problems, to a
"proof of stake" system, where individuals and companies act as
validators, using their ether as collateral, to win newly created
tokens. read more
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