Wednesday, May 31, 2023
No Result
View All Result
Crypeto News
Smarter_way_USA
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Blockchain
    • Ethereum
    • Altcoin
    • Mining
    • Crypto Exchanges
  • NFT
  • DeFi
  • Web3
  • Metaverse
  • Analysis
  • Regulations
  • Scam Alert
  • Videos
CRYPTO MARKETCAP
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Blockchain
    • Ethereum
    • Altcoin
    • Mining
    • Crypto Exchanges
  • NFT
  • DeFi
  • Web3
  • Metaverse
  • Analysis
  • Regulations
  • Scam Alert
  • Videos
CRYPTO MARKETCAP
Crypeto News
No Result
View All Result

The Merge is Coming – What are The Green Benefits? – Blockchain News, Opinion, TV and Jobs

by crypetonews
September 14, 2022
in Blockchain
Reading Time: 3 mins read
0 0
A A
0
Home Blockchain
Share on FacebookShare on Twitter


The Merge, which will see Ethereum move into a new era, leaving behind one consensus mechanism and beginning another, could not have come at a better time. Energy prices are soaring, the news about a warming earth is alarming, and the calls for energy reduction and greener solutions are growing louder each day. The stakes for the planet and its inhabitants are huge.

Ethereum was an energy inefficient network from day one, due to the old security system called proof-of-work, a system in which so called ”miners” gain the right to update the next block of transactions. This right was given by providing proof through solving challenging computational puzzles, after which miners earned new tokens in return. But there was a catch, in order to avoid too many new tokens from flooding the market, the puzzle solving got harder over time and subsequently also required more energy.

Digiconomist estimates that Ethereum miners have consumed 44.49 TWh per year which works out to 5.13 gigawatt on a continuing basis. This means that PoS (Proof-of-Stake), the mechanism Ethereum will be running on after the Merge, is ~2000x more energy efficient based on the estimates above – and this number might still be on the conservative side.

After the Merge a reduction of at least 99.95% in total energy use is expected. Proof of stake only requires appointed validators to agree that a transaction is accurate, and once enough nodes verify the transaction, it simply goes through. There is no more need for solving challenging and energy consuming computational puzzles.

Junnu Salovaara, Head of Platform Development at regenerative finance (ReFi) company Likvidi, commented,

“The merge to proof of stake dramatically reduces Ethereum’s power consumption by 99.95%. In terms of energy consumption, it will now sit alongside other protocols that are considered sustainable, such as Tezos, Solana and Algorand. Given it’s still the second biggest blockchain in the world by a big margin, it presents an opportunity for sustainable blockchain projects looking for a home.

Previously, a single transaction consumed enough energy to power an average US household for a whole week. Post-merge, it will be closer to boiling a kettle.”

So, after Ethereum will be transitioning to a new process for validating transactions, which should be done around the end of September, the environmental footprint should shrink significantly. No more puzzle solving altogether, and therefore eliminating the need for powerful hardware and massive amounts of electricity to keep the blockchain going. That is, if it all goes well. So, what could possibly go wrong?

Developers say there’s nothing to worry about—they’re confident the merge will have no impact on asset security or app functionality.

But there is always a but. Digital assets currently built on Ethereum could be duplicated during the Merge onto a forked proof-of work network. While the real versions of NFTs and Stablecoins will exist on the post-merge, proof-of-stake network, copies could therefore exist. Owners of these assets could sell these surplus tokens to make a buck.

But overall, the Merge should become a positive transition. The new Ethereum network will appeal to institutions that have concerns with the current environmental impact of proof-of-work. Smaller computers requiring less power will be able to use the new network. Ethereum’s security will also improve. An attack on the network will become a much more costly matter. But the planet will be the biggest winner with the 99,95% reduction of energy use.

 



Source link

Tags: BenefitsBlockchainComingGreenJobsMergeNewsOpinion
Previous Post

A 2,000-year-old Israeli coin minted during the ‘great Jewish revolt’ repatriated by US authorities

Next Post

Injective (INJ) Infuses Adrenaline With Double-digit Gain, Is $2.5 Feasible?

Related Posts

Preventive maintenance vs. predictive maintenance
Blockchain

Preventive maintenance vs. predictive maintenance

May 31, 2023
Tether Ventures into Sustainable Energy Production and Bitcoin Mining in Renewable-Rich Uruguay
Blockchain

Tether Ventures into Sustainable Energy Production and Bitcoin Mining in Renewable-Rich Uruguay

May 31, 2023
WebSphere Application Server support – IBM Blog
Blockchain

WebSphere Application Server support – IBM Blog

May 30, 2023
A Comprehensive Guide to Uniswap (UNI) Tokenomics
Blockchain

A Comprehensive Guide to Uniswap (UNI) Tokenomics

May 30, 2023
Worldcoin Emerges as Largest Deployer of Safe Wallets on Polygon Blockchain, Onboards 1.2 Million Self-Custodial Safe Smart Accounts
Blockchain

Worldcoin Emerges as Largest Deployer of Safe Wallets on Polygon Blockchain, Onboards 1.2 Million Self-Custodial Safe Smart Accounts

May 30, 2023
Shaping the Future of Banking: Standard Chartered and PwC China Release White Paper on Central Bank Digital Currency”
Blockchain

Shaping the Future of Banking: Standard Chartered and PwC China Release White Paper on Central Bank Digital Currency”

May 29, 2023
Next Post
Injective (INJ) Infuses Adrenaline With Double-digit Gain, Is $2.5 Feasible?

Injective (INJ) Infuses Adrenaline With Double-digit Gain, Is $2.5 Feasible?

Cosmos (ATOM) struggles To Stay Bullish, Is $20 Still Possible?

Cosmos (ATOM) struggles To Stay Bullish, Is $20 Still Possible?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Blockchain Network Fantom Now Pays 15% of FTM Token Fees Back to Eligible Projects
Crypto Updates

Blockchain Network Fantom Now Pays 15% of FTM Token Fees Back to Eligible Projects

by crypetonews
May 29, 2023
0

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The...

XRP Price Outlook Seems Promising as US Debt Ceiling Deal Sparks Risk Sentiment

XRP Price Outlook Seems Promising as US Debt Ceiling Deal Sparks Risk Sentiment

May 29, 2023
Singapore’s Temasek to Exercise Caution in Crypto Space After FTX Nightmare

Singapore’s Temasek to Exercise Caution in Crypto Space After FTX Nightmare

May 29, 2023
Ethereum (ETH)-Based Altcoin Is One To Watch As Whale Transactions Explode: Santiment

Ethereum (ETH)-Based Altcoin Is One To Watch As Whale Transactions Explode: Santiment

May 25, 2023
Introducing The Rolling-Block Method: A New Way To Forecast Bitcoin Mining Difficulty

Introducing The Rolling-Block Method: A New Way To Forecast Bitcoin Mining Difficulty

May 25, 2023
Ripple Case Enters Critical Phase As Judge Prepares For Mid-July Verdict, Top Lawyer Says

Ripple Case Enters Critical Phase As Judge Prepares For Mid-July Verdict, Top Lawyer Says

May 26, 2023
  • Trending
  • Comments
  • Latest
What is the Erigon Node Consensus Layer?

What is the Erigon Node Consensus Layer?

February 15, 2023
146 Top Executives Urge Biden to Prevent US Default — Warns of ‘Disastrous Consequences’

146 Top Executives Urge Biden to Prevent US Default — Warns of ‘Disastrous Consequences’

May 17, 2023
Celsius Creditors Aim To Expose FTX Users In Alleged Crypto Trading Scandal

Celsius Creditors Aim To Expose FTX Users In Alleged Crypto Trading Scandal

April 27, 2023
Exchange Giant Coinbase Adds Custody Support for 14 Ethereum (ETH)-Based Altcoins, Spurring Rallies Up to 20%

Exchange Giant Coinbase Adds Custody Support for 14 Ethereum (ETH)-Based Altcoins, Spurring Rallies Up to 20%

October 27, 2022
Secured #5: Public Vulnerability Disclosures Update

Secured #5: Public Vulnerability Disclosures Update

May 3, 2023
3 Things We Learned at Tornado Cash Dev Alexey Pertsev’s Trial – CoinDesk : ethereum

3 Things We Learned at Tornado Cash Dev Alexey Pertsev’s Trial – CoinDesk : ethereum

November 23, 2022
PEPE Crypto Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction!

PEPE Crypto Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction!

24
BITCOIN: CRASH TO $24,000 GUARANTEED!?!?!?!? 3 HUGE REASONS!! BTC + Crypto Price Prediction Analysis

BITCOIN: CRASH TO $24,000 GUARANTEED!?!?!?!? 3 HUGE REASONS!! BTC + Crypto Price Prediction Analysis

20
Ending Logan Paul's Biggest Scam

Ending Logan Paul's Biggest Scam

40
I ATTENDED A 3 HR 'CRYPTO SCAM' WEBINAR | WFABB iGenius

I ATTENDED A 3 HR 'CRYPTO SCAM' WEBINAR | WFABB iGenius

38
ARE NFTS OFFICIALLY DEAD? NFT COLLAPSE EXPLAINED!

ARE NFTS OFFICIALLY DEAD? NFT COLLAPSE EXPLAINED!

34
Will XEN Crypto 100x from $0.000002? Honest Review and Price Prediction!

Will XEN Crypto 100x from $0.000002? Honest Review and Price Prediction!

26
Pixel Penguins Scam and Ensuing Drama Shows Danger of Trusting CT Influencers

Pixel Penguins Scam and Ensuing Drama Shows Danger of Trusting CT Influencers

May 31, 2023
Covering the 2024 Presidential Election

Covering the 2024 Presidential Election

May 31, 2023
Next Cryptocurrency to Explode Wednesday 31 May – RobotEra, Filecoin, Solar

Next Cryptocurrency to Explode Wednesday 31 May – RobotEra, Filecoin, Solar

May 31, 2023
T-Mobile’s Parent Company Becomes Validator on Polygon (MATIC) Network

T-Mobile’s Parent Company Becomes Validator on Polygon (MATIC) Network

May 31, 2023
Crypto Scammer Manipulates Cancer Story To Peddle NFTs

Crypto Scammer Manipulates Cancer Story To Peddle NFTs

May 31, 2023
XRP, Litecoin, Tradecurve emerging as top performing cryptos in May

XRP, Litecoin, Tradecurve emerging as top performing cryptos in May

May 31, 2023
Crypeto News

Find the latest Bitcoin, Ethereum, blockchain, crypto, Business, Fintech News, interviews, and price analysis at Crypeto News.

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • Mining
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Videos
  • Web3

LATEST UPDATES

  • Pixel Penguins Scam and Ensuing Drama Shows Danger of Trusting CT Influencers
  • Covering the 2024 Presidential Election
  • Next Cryptocurrency to Explode Wednesday 31 May – RobotEra, Filecoin, Solar
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 Crypeto News.
Crypeto News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Blockchain
    • Ethereum
    • Altcoin
    • Mining
    • Crypto Exchanges
  • NFT
  • DeFi
  • Web3
  • Metaverse
  • Analysis
  • Regulations
  • Scam Alert
  • Videos

Copyright © 2022 Crypeto News.
Crypeto News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In