Ethereum – the world’s second largest digital currency by market cap and the number one competitor to Bitcoin – allegedly saw its transition from Proof of Work (PoW) to Proof of Stake (PoS) just over a week ago.
Ethereum completes the merger
Many are wondering Determined amount of power To be saved now that Ethereum has taken the step it was talking about in the past, God knows how many years, and according to one analyst, Ethereum is set to reduce its energy consumption by more than 99 percent.
In an interview, Alex de Vries – a Dutch economist who works with the website Digiconomist – explained:
They can cut off a significant portion of their energy demand. I’ll measure that more precisely, but a reduction of at least 99 percent (maybe even 99.9 percent) should be achievable. This translates to something like the electricity consumption in a country like Portugal (a quarter of all data centers in the world combined) vanishes overnight.
Known as “merging,” the move from PoW to PoS is set to make Ethereum more efficient not only in the amount of energy saved, but Ethereum will also become significantly faster and gas fees for its users will be lowered. The Ethereum Foundation threw its two cents into the mix, which it made clear not long ago:
Imagine that Ethereum is a spacecraft that is not quite ready for an interstellar journey. With the lighthouse series, the community built a new engine and solid chassis. After important tests, it’s almost time to quickly swap out the new engine in the middle of the old ride. This will integrate the new, more efficient engine into the existing ship, ready to put in some serious light-years and take over the universe.
However, there may be minor issues ahead as the organization points out. She continued her statement by saying:
You should be on high alert for scams trying to take advantage of users during this transfer process. Do not send your ETH anywhere to “upgrade to ETH2”. There is no ETH2 token, and there is nothing you need to do to keep your money safe.
Use a lot of energy
There has been a lot of controversy over the years regarding the use of energy in the cryptocurrency space. Many are concerned that mining or extracting crypto units from their block chains requires a lot of electricity.
Obviously, that argument has reached the heads of people like Elon Musk, the South African billionaire behind companies like Tesla and SpaceX. Last year, Musk announced that he would allow bitcoin holders to buy Tesla cars with their coins. However, this was immediately canceled as Musk was so concerned about the amount of energy required to mine BTC that he would not allow it unless miners were more transparent about their energy sources.
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