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Is this 'Bitcoin' the real deal?
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<blockquote data-quote="How bad boy" data-source="post: 7105419" data-attributes="member: 3028"><p>Ethereum has finally officially moved from Proof of Work to Proof of Stake.</p><p></p><p>It's hard to understate how huge a deal this is for crypto currency. </p><p><a href="https://www.theregister.com/2022/09/15/ethereum_merge_stake/" target="_blank">https://www.theregister.com/2022/09/15/ethereum_merge_stake/</a></p><p></p><p>It massively reduces power consumption and in my opinion, makes it far, far more robust.</p><p></p><p>Of course, there are lots of other problems, but this is a very big step in the right direction for crypto.</p><p>Thought this explanation of it was good (from the Register article)</p><p></p><p>"Prior to <a href="https://www.bloomberg.com/news/articles/2022-09-15/ethereum-completes-long-awaited-energy-saving-merge-upgrade" target="_blank">early this morning</a>, Ethereum was validated using proof of work (PoW), which required <a href="https://digiconomist.net/ethereum-energy-consumption/" target="_blank">more electrical energy</a> than some small countries to solve ever-increasing mathematical problems to validate transactions. </p><p></p><p>Now, under a <a href="https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/" target="_blank">proof of stake</a> (PoS) system, holders of Ethereum willing to fork over 32 ETH (roughly $48,000 right now) can become validators by staking their own cryptocurrency.</p><p></p><p>If randomly chosen to be a validator on a block, a staker is responsible for checking the legitimacy of that block's transactions. Multiple validators are involved in verifying each block, which involves some simple calculations. If a positive consensus is reached, the block and its transactions are accepted onto the blockchain, simply put.</p><p></p><p>If the block shouldn't have been validated, or a validator screws up in some other way, a percentage – all the way up to 100 percent – of their stake is forfeit and lost forever. By following the rules, <a href="https://ethereum.org/en/staking/" target="_blank">stakers get paid</a> a small percentage of newly created Ethereum.</p><p></p><p></p><p>Classic miners are no longer needed, and instead, people risk their own coins to ensure the blockchain maintains its integrity. The more you stake, the more chance you get picked to validate, and more the chance to earn.</p><p></p><p>Because there's now no need for miners to solve complex equations to validate blocks, the energy costs of Ethereum using PoS should decrease by around 99.95 percent, the Ethereum Organization <a href="https://ethereum.org/en/upgrades/merge/#eth2" target="_blank">said</a>. "</p></blockquote><p></p>
[QUOTE="How bad boy, post: 7105419, member: 3028"] Ethereum has finally officially moved from Proof of Work to Proof of Stake. It's hard to understate how huge a deal this is for crypto currency. [URL]https://www.theregister.com/2022/09/15/ethereum_merge_stake/[/URL] It massively reduces power consumption and in my opinion, makes it far, far more robust. Of course, there are lots of other problems, but this is a very big step in the right direction for crypto. Thought this explanation of it was good (from the Register article) "Prior to [URL='https://www.bloomberg.com/news/articles/2022-09-15/ethereum-completes-long-awaited-energy-saving-merge-upgrade']early this morning[/URL], Ethereum was validated using proof of work (PoW), which required [URL='https://digiconomist.net/ethereum-energy-consumption/']more electrical energy[/URL] than some small countries to solve ever-increasing mathematical problems to validate transactions. Now, under a [URL='https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/']proof of stake[/URL] (PoS) system, holders of Ethereum willing to fork over 32 ETH (roughly $48,000 right now) can become validators by staking their own cryptocurrency. If randomly chosen to be a validator on a block, a staker is responsible for checking the legitimacy of that block's transactions. Multiple validators are involved in verifying each block, which involves some simple calculations. If a positive consensus is reached, the block and its transactions are accepted onto the blockchain, simply put. If the block shouldn't have been validated, or a validator screws up in some other way, a percentage – all the way up to 100 percent – of their stake is forfeit and lost forever. By following the rules, [URL='https://ethereum.org/en/staking/']stakers get paid[/URL] a small percentage of newly created Ethereum. Classic miners are no longer needed, and instead, people risk their own coins to ensure the blockchain maintains its integrity. The more you stake, the more chance you get picked to validate, and more the chance to earn. Because there's now no need for miners to solve complex equations to validate blocks, the energy costs of Ethereum using PoS should decrease by around 99.95 percent, the Ethereum Organization [URL='https://ethereum.org/en/upgrades/merge/#eth2']said[/URL]. " [/QUOTE]
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