The Ethereum Merge: ETH 2.0
The merge is coming. It’s been talked about, hyped, and speculated on, but what does the Ethereum merge (update) bring? The blockchain has been famous (or infamous?) for its use of proof-of-work (POW) mechanisms, which brings about heavy energy consumption and a ton of computer power to function.
Other chains such as Cardano, are proof-of-stake (POS) and are much less demanding in terms of energy and power. Needless to say, the carbon footprint is insurmountable (roughly what Switzerland produces in a year). POS is more efficient in terms of speed and energy, and Ethereum is looking to adopt the mechanism in early September, with implementation happening sometime between the 10th and 20th.
In anticipation of this update, Ethereum has seen a 12% price gain, but its overall price is still down compared to this same time last year. Will this new update change that and see another price surge for ETH 2.0? We’ll find out.