The Ethereum Blockchain has done what is called consolidation with the aim of saving electricity. A software update should reduce consumption by 99.95%. The process was successfully completed announced on Twitter by the founder of Ethereum Vitalik Buterin.
And we’re done!
We wish you all included. This is a huge moment for the Ethereum ecosystem. Everyone who helped bring about the integration should feel proud today.
– Vitalik.eth (@VitalikButerin) September 15, 2022
“This is a huge moment for the Ethereum ecosystem,” wrote this young Canadian of Russian descent. The merging tool has changed the way tokens are created, that is, individual digital currencies. Ether is the second most used cryptocurrency after Bitcoin in terms of volume.
Within the blockchain, Ethereum is moving from a “Proof of Work” concept, where computers verify transactions by solving complex mathematical problems, to a “Proof of Stake” system. In it, individuals and companies act as validators and use their ether as collateral in an effort to acquire new tokens.
The price of Ethereum did not change much after the update was completed. It was hovering around $1,640 in the morning and showed a 1.6 percent growth in the past 24 hours. This is significantly lower than last November, when it crossed the $4,865 mark. Other cryptocurrencies, including Bitcoin, are also well below their highs.
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