Ethereum blockchain says slashing energy use with software overhaul
The HinduSoftware for the Ethereum blockchain has been overhauled, drastically reducing its energy usage, its inventor and co-founder tweeted on Thursday. Before the software upgrade, which is known as the Merge, a single transaction on Ethereum used as much power as an average U.S. household uses in a week, according to researcher Digiconomist. The overhaul has changed how transactions on the Ethereum blockchain occur and how Ether tokens, the second-largest crypto coin after Bitcoin, are created. Ethereum has moved 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 their Ether as collateral, to win newly created tokens.
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