According to its co-founder, the Ethereum blockchain has undergone a significant software upgrade; that significantly lowers its energy consumption.
The update, modifies how ether tokens are created and transactions are processed; might offer Ethereum a significant advantage over rival blockchain bitcoin.
A “proof of stake” system, in which individuals and organizations act as validators and use their ether as collateral to win newly created tokens, has replaced Ethereum’s previous “proof of work” system, which required energy-guzzling computers to validate transactions by solving difficult math problems.
According to the Ethereum Foundation, the new method will use 99.95 percent less energy.