14 september 2022 | Trades | Technology | CEOs

Ethereum blockchain will take a significant upgrade to reduce energy consumption

The long-awaited "Merge" of the Ethereum blockchain will happen this week. Its main purpose is to reduce enormous energy consumption. Proponents say that this event may expand the use of the technology and maintain the price of the ether token.

The way Ethereum blockchain transactions and Ether token creation will be radically altered, due to a software update or "Merge". Data from the Ethereum Foundation shows that energy consumption in the new system will be reduced by 99.95%.

Previously, the event has been rescheduled several times, but the Ethereum Foundation has assured that it will be held September 10-20.

At the moment, Ethereum uses a "proof-of-work" system. It consists of checking transactions by energy-intensive computers that solve complex mathematical problems. If the transition is successful, it is planned to use the "share proof" protocol. It has individuals and companies acting as validators, using their Ether as a collateral deposit as they try to win new tokens.

James Malcolm, head of currency strategy at UBS, admits that this event is very important in Ethereum development. Also, he said that the merger is already included in the price and this event may not affect the price of Ether.

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