Last week’s Merge was the “most significant development in the history of the Ethereum network,” according to Fidelity Digital.
And from a purely technical standpoint, the blockchain network’s transition from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism was a marvel. Widely compared to changing a jet engine mid-flight, the software upgrade proceeded with nary a glitch on Sept. 15.
Overnight, too, Ethereum, the world’s second-largest blockchain platform, reduced its energy usage by 99.95% from a rate as high as 94 TWh per year in May — roughly equivalent to the nation-state Chile — to an almost negligible 0.01 TWh on Sept. 16, according to Digiconomist.
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This should carry some weight with regulators threatening to clamp down on blockchain networks for environmental profligacy. It could