Ethereum drastically reduces its energy use with ‘Merge’ software upgrade
The Ethereum 'Merge' software upgrade has gone live, paving the way for more energy-efficient blockchain networks. The upgrade, which changes how transactions occur and how ether tokens are created, could give Ethereum - crypto’s most important commercial highway - a major advantage as it seeks to surpass rival blockchain Bitcoin. Under the change, Ethereum will move from a 'proof of work' system, in which energy-hungry computers validate transactions by solving complex maths problems, to a 'proof of stake' system, where individuals and companies act as validators using the network’s native token Ether as collateral to win newly created tokens. The completion of the upgrade was announced by Ethereum inventor and co-founder Vitalik Buterin on Twitter on Thursday. And we finalized…