The Ethereum cryptocurrency is switching to a new transaction confirmation protocol. This will reduce power consumption during mining by 99%, the developers claim. The transition will be smooth and will take place from September 15 to 20.
Quartz writes about the impending change in the Ethereum mining algorithm.
Instead of the current proof-of-work protocol, Ethereum will start using proof-of-stake. The latter allows you to record transactions with a minimum amount of energy consumed. According to the Ethereum Foundation, they will be able to reduce power consumption by instantly mining ether by 99%.
Furthermore, the new protocol will make the blockchain system resistant to hacker attacks. Most protocols, including Proof of Work, are threatened by a so-called “51% attack”, when a hacker gains control of half of the computing power needed to confirm transactions.
The transition from Ethereum to Proof-of-Stake will take place from September 15 to 20.
Author:
Kirill Bilyk
Source: RB
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