Ethereum, the world’s second most valuable cryptocurrency, has recently completed a significant software overhaul which promises to ramp up security of the cryptocurrency.
Revamped Ethereum-
- The revamp, known as ‘The Merge,’ will cast aside the need for crypto miners and gigantic mining farms, who had previously driven the blockchain under a mechanism called ‘proof-of-work’ (PoW).
- Instead, it has now shifted to a ‘proof-of-stake’ (PoS) mechanism that assigns ‘validators’ randomly to approve transactions and earn a small reward.
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