Definition, Implementation Time, Blockchain Scheme and Its Benefits
Suara.com – Ethereum Merge is a new scheme that the ethereum blockchain will underpin the ether crypto coin. The blockchain will later be merged with a separate blockchain which will allow energy consumption to be cut by up to 99 percent when creating new coins and making transactions.
The exact schedule for the Etherum Merge is not yet known, but Google estimates it will launch in mid-September.
Furthermore, Etherum Merge will use the proof of stake transaction method, the system that is considered the most optimal in reducing energy use. This system allows owners of Ether coins to lock those coins and then check on their own initiative for new records on the blockchain.
This system is also referred to as “proof of ownership.” Previously, various blockchains, including Bitcoin, spent considerable energy in their operation and sparked criticism from environmentalists.
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Currently, the mining system has not led to a proof of stake. Etherum still adheres to proof of work or proof of work where transaction control over crypto money is in the hands of miners.
As a result, while mining, sophisticated computers are required to solve mathematical puzzles and update the blockchain. This system drains a lot of energy.
Please note that Etherum is the second largest crypto coin after Bitcoin. Its capacity reaches USD 200 billion with the number of transactions touching 1.5 million times per day on the blockchain system. The price of Etherum is known to have skyrocketed since last June before the merger.
Quoting the official Etherum website, after the merger, the company will terminate the proof of work system or work that relies on computers.
Instead, they will invest in systems that are more sustainable and environmentally friendly. Energy consumption will be much less and safer. The new proof of stake system will manage system stability which is impossible to achieve by proof of work.
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Since its inception, Ethereum has had the goal of implementing a proof-of-stake consensus mechanism, without compromising its vision of being a secure, scalable, and decentralized blockchain. Based on the research that has been done, the proof of stake system is the answer to the search for the greenest and most sustainable mining system.