Ethereum has completed a key revamp of its network, marking the crypto world¡¯s most-ambitious software upgrade to date and paving the way for changes that could fuel more usage of the commercial blockchain.
Called the ¡°Merge,¡± the upgrade completed in the early hours of Thursday, according to a Twitter post by Ethereum co-founder Vitalik Buterin.
The change replaced power-hungry computers that were used to order transactions on the network with a more energy-efficient setup using piles of the network¡¯s native token, ether, placed in special, so-called staking wallets. As a result, Ethereum¡¯s energy consumption will decline by an estimated 99%.
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