How Ethereum has changed after the “Merge”, the transformation that made the blockchain more sustainable

How Ethereum has changed after the “Merge”, the transformation that made the blockchain more sustainable

This transformation will make it possible to cut energy costs by 99.95%. Bitcoin, on the other hand, will still remain tied to a system that consumes a lot of energy.

It was like replacing the engine of a hot, racing spaceship during the voyage. It is something like the Merge of Ethereum, the “merger”, which will make it possible to reduce the energy costs of 99,95 %. At 8.45 am on September 15th, the announcement arrives: it worked. A revolution in the crypto world. Everything is in one step: from “proof of work” al “proof of stake“. If before the transactions on Ethereum were approved and controlled by crypto miners with their very expensive computing machines, now they are in the hands of those who own the most cryptocurrencies.

The promise is that of a green revolution, because after this transformation the Ether cryptocurrency will consume less energy. The risk, however, is that of a drift that will lead the cryptocurrency to be less centralized. From now on, in fact, only those who already own a quantity of accumulated Ether will be able to enter the circle of “controllers”, those who allow to certify transactions and the financial situation of the currency. To be part of it you need to have at least 32 Etherapproximately 50,000 euros.

La blockchain at Vitalik Buterin

Ethereumthe blockchain developed by Vitalik Buterin in 2014, it is the second largest cryptocurrency after Bitcoin. It has always used the PoW mechanism to validate transactions internally. To keep making units of Ether available for the market, there are machines that solve complex mathematical problems by consuming a lot of energy. The PoS protocol, on the other hand, directly allows major cryptocurrency holders to sign and validate transactions. They are incentivized to do so through rewards, including the ability to earn new Ether.

Who are the hackers of BlackCat, the Russian group that is blocking the Italian energy manager

This procedure allows you to cut energy costs, a voice that is usually very high in this type of market. Only Ethereum consumed 112 terawatt hours per year. Energy consumption across Greece is lower. After this protocol change, it will now be possible to reduce energy costs by 99.95%.

“The Merge” is the term used to describe the exact moment when the Ethereum blockchain merged with a system called the Beacon Chain. The project has been in the pipeline since 2016. “We are witnessing the beginning of a chain reaction of change. The end result will be a very broad use of Ethereum’s computing power, ordinary people will start using blockchain-based applications in many areas of their lives, “he said. Eli Ben-Sassonpresident and co-founder of StarkWare, a company that deals with blockchain security systems.

Hacker attacks after the “Merge”

In the “Night of the Merge”, some Twitter profiles were hacked, including the pages of the Ministry of Ecological Transition. The profile picture has been replaced with the photo Vitalik Buterin, founder of Ethereum. Among the various tweets published clandestinely there was also the promise of a free distribution of cryptocurrencies. Same fate for the twitter profile of theInstitute for International Political Studies (SPI).

Cyber ​​security experts also do not rule out the possibility of scam users to steal data or incentivize them to invest in crypto. Cryptocurrencies are changing their skin, but not all of them. The transition from the “proof of work” to the “proof of stake” mechanism will be adopted, for now, only by Ethereum. Bitcoin it will still remain tied to a system that consumes a lot of energy.

Leave a Comment