Ethereum blockchain completes major software upgrade to reduce energy use

A major software upgrade to the Ethereum blockchain aimed at drastically reducing energy use has been completed, Vitalik Buterin, Ethereum’s inventor and co-founder, tweeted on Thursday.

The upgrade, known as the “Merge,” will change how transactions on the Ethereum blockchain happen and how ether tokens, the second largest cryptocurrency after bitcoin, are created.

Under the change, Ethereum will move from a “proof of work” system, where energy-intensive computers validate transactions by solving complex math problems, to a “proof of stake” system, where individuals and businesses act as validators using their ether. as collateral to win newly created tokens.