The massive overhaul of Ethereum known as the Merge has finally happened,
moving the digital machinery at the core of the second-largest cryptocurrency
To a vastly more energy-efficient system after years of development and delay.
It was no small feat swapping out one way of running a blockchain, known as proof-of-work, for another, called proof-of-stake.
“The metaphor that I use is this idea of switching out an engine from a running car,” said Justin Drake,
a researcher at the non-profit Ethereum Foundation who spoke to CoinDesk before the Merge happened.
“I like to think of it as kind of like the switch from gasoline to electric.”
The update, which ends the network’s reliance on the energy-intensive process of cryptocurrency mining,
It has been closely watched by crypto investors, enthusiasts and skeptics
For the impact it is expected to have on the wider blockchain industry.
The rewards can be huge. Ethereum should now consume around 99.9% of its energy.