Tuesday, November 28, 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

Best practices for augmenting human intelligence with AI
Blockchain

Best practices for augmenting human intelligence with AI

November 28, 2023
Vitalik Buterin’s Vision of Techno-Optimism and AI’s Future
Blockchain

Vitalik Buterin’s Vision of Techno-Optimism and AI’s Future

November 28, 2023
How Augmented Reality Works in the Metaverse?
Blockchain

How Augmented Reality Works in the Metaverse?

November 28, 2023
IBM watsonx AI and data platform, security solutions and consulting services for generative AI to be showcased at AWS re:Invent
Blockchain

IBM watsonx AI and data platform, security solutions and consulting services for generative AI to be showcased at AWS re:Invent

November 27, 2023
Top 10 Fintech Startups Powered by AI
Blockchain

Top 10 Fintech Startups Powered by AI

November 27, 2023
Nigerian Police Arrest Politician Wilfred Bonse for Involvement in Patricia Technologies Financial Fraud
Blockchain

Nigerian Police Arrest Politician Wilfred Bonse for Involvement in Patricia Technologies Financial Fraud

November 27, 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

Binance Founder’s Lawyers Squash Flight Risk Speculations
Bitcoin

Binance Founder’s Lawyers Squash Flight Risk Speculations

by crypetonews
November 25, 2023
0

Using the phrase “unacceptable risk of flight,” prosecutors from the United States government are requesting that the court restrict Changpeng...

On-chain Investigator Teases Truth Bombshell That Will ‘Amaze’ Crypto Community

On-chain Investigator Teases Truth Bombshell That Will ‘Amaze’ Crypto Community

November 28, 2023
Binance Settlement With U.S. Department of Justice Could Put an End to (BNB) Death-Spiral Fears

Binance Settlement With U.S. Department of Justice Could Put an End to (BNB) Death-Spiral Fears

November 22, 2023
Ethereum Bears Keep Pressing, Why ETH Price Might Revisit This Key Support

Ethereum Bears Keep Pressing, Why ETH Price Might Revisit This Key Support

November 28, 2023
Mad Money’s Jim Cramer Backtracks, Endorses Buying And Investing In Bitcoin

Mad Money’s Jim Cramer Backtracks, Endorses Buying And Investing In Bitcoin

November 24, 2023
California Advances in Generative AI with New Report

California Advances in Generative AI with New Report

November 27, 2023
  • Trending
  • Comments
  • Latest
BITCOIN WHALE JUST BOUGHT $150 MILLION!! Bitcoin News Today & Ethereum Price Prediction (BTC & ETH)

BITCOIN WHALE JUST BOUGHT $150 MILLION!! Bitcoin News Today & Ethereum Price Prediction (BTC & ETH)

September 25, 2023
What Nobody Tells You About The Ether Futures ETF! (Ethereum Price Prediction)

What Nobody Tells You About The Ether Futures ETF! (Ethereum Price Prediction)

September 30, 2023
NEW SIGNAL JUST CONFIRMED (Breakout)!! Bitcoin News Today & Ethereum Price Prediction (BTC & ETH)

NEW SIGNAL JUST CONFIRMED (Breakout)!! Bitcoin News Today & Ethereum Price Prediction (BTC & ETH)

September 30, 2023
As Bonk, Pepe, Memecoin token prices rise, Memeinator gains traction

As Bonk, Pepe, Memecoin token prices rise, Memeinator gains traction

November 18, 2023
JasmyCoin (JASMY) Price Prediction 2023 2024 2025 2026

JasmyCoin (JASMY) Price Prediction 2023 2024 2025 2026

October 19, 2023
SafeMoon Founders Nabbed After Using Investor Funds To Buy Luxury Cars And Homes

SafeMoon Founders Nabbed After Using Investor Funds To Buy Luxury Cars And Homes

November 2, 2023
Cryptocurrencies II: Last Week Tonight with John Oliver (HBO)

Cryptocurrencies II: Last Week Tonight with John Oliver (HBO)

43
🚀GET RICH WITH CRYPTO | Crypto Price Predictions 2025

🚀GET RICH WITH CRYPTO | Crypto Price Predictions 2025

29
The Sword Art Online Full Dive Nervegear is HERE! 2023

The Sword Art Online Full Dive Nervegear is HERE! 2023

21
WATCH THESE Coins! Crypto Sectors For The Next Bull Run!!

WATCH THESE Coins! Crypto Sectors For The Next Bull Run!!

45
Buy Solana or Cardano? BlackRock Ethereum ETF Coming? Best Crypto to Invest in?

Buy Solana or Cardano? BlackRock Ethereum ETF Coming? Best Crypto to Invest in?

21
All about cash app crypto scams! | bitcoin scams | bitcoin scams | crypto scam | cash app bitcoin

All about cash app crypto scams! | bitcoin scams | bitcoin scams | crypto scam | cash app bitcoin

28
Binance.US Addresses Troubles Facing Global Exchange

Binance.US Addresses Troubles Facing Global Exchange

November 28, 2023
FTX Fraud: Mercedes F1 Team And Major League Baseball Indicted In New Lawsuit

FTX Fraud: Mercedes F1 Team And Major League Baseball Indicted In New Lawsuit

November 28, 2023
Best practices for augmenting human intelligence with AI

Best practices for augmenting human intelligence with AI

November 28, 2023
‘Dogecoin May Not Be the Best Performing Assets’ Says an Analyst, Will DOGE Price Miss the Boat?

‘Dogecoin May Not Be the Best Performing Assets’ Says an Analyst, Will DOGE Price Miss the Boat?

November 28, 2023
HK CEO Lee Says Regulators May Get Powers to Crack Down on Unlicensed Crypto Exchanges After Hounax, JPEX

HK CEO Lee Says Regulators May Get Powers to Crack Down on Unlicensed Crypto Exchanges After Hounax, JPEX

November 28, 2023
new museum in artist’s childhood home offers insight into his earliest years

new museum in artist’s childhood home offers insight into his earliest years

November 28, 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

  • Binance.US Addresses Troubles Facing Global Exchange
  • FTX Fraud: Mercedes F1 Team And Major League Baseball Indicted In New Lawsuit
  • Best practices for augmenting human intelligence with AI
  • 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