Cryptocurrency Ethereum is undergoing major upgrades to make it more scalable, secure, and sustainable.
Recent concerns about network congestion, high pricing, and energy efficiency have led Ethereum’s many technical teams to issue upgrades that warrant a new, distinct version of the cryptocurrency.
Stacy Elliott, Senior Reporter for TheStreet’s Crypto Investor explains the most important change to Ethereum’s protocol, from ‘proof-of-work to ‘proof-of-stake.
The upgrade will transform the mining of Ethereum making it much more efficient in terms of the amount of energy used and allowing faster and cheaper transactions by eliminating the duplication of work inherent in the ‘proof of work’ model.
Ethereum is using what is called, The Beacon Chain to introduce proof-of-stake to the Ethereum ecosystem.
Related: What Is Bitcoin Mining, How Is It Regulated?
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Watch Stacy Elliot’s interview with TheStreet’s Corey Goldman for more on crypto mining.
