Six years in the making, the most sophisticated upgrade in crypto’s history is complete.
DENVER, CO - FEBRUARY 18: Ethereum co-founder Vitalik Buterin speaks at ETHDenver on February 18, 2022 in Denver, Colorado.
At 6:42 A.M. Coordinated Universal Time , the Ethereum blockchain merged with a special-purpose decentralized ledger called the Beacon Chain, concluding its transition to near-carbon neutrality.The shift may not only mute criticism of blockchain energy usage and serve as a boost to the struggling industry, but it could also help take crypto mainstream.
Since its inception, Ethereum has been using the the proof-of-work system for verifying transactions. Popularized by bitcoin, proof-of-work relies on operators of powerful computers, known as miners, that validate each new block of transactions added to the chain by solving complex math puzzles and get rewarded for the effort in the blockchain’s cryptocurrency.
Blockchain analytics company Nansen estimates that Ethereum bulls have already staked 11.3% of the ETH
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