Ethereum blockchain set for “monumental” overhaul

Source: Al Jazeera [Qatar state media]

“An army of computer programmers scattered across the globe is set to attempt one of the biggest software upgrades the crypto sector has ever seen this week to reduce its environmentally unfriendly energy consumption. Developers have spent years working on a more energy-efficient version of the Ethereum blockchain, a digital ledger that underpins a multibillion-dollar ecosystem of cryptocurrencies, digital tokens (NFTs), games and apps. Ethereum, the second most important blockchain after Bitcoin, burns through more power each year than New Zealand. Experts say the changeover, expected to take place between Tuesday and Thursday, would slash energy consumption by more than 99 percent.” [editor’s note: “The merge” is a transition from “proof of work” to “proof of stake” – TLK] (09/11/22)