SINGAPORE — Cryptocurrency players are hoping a long-awaited overhaul of Ethereum and its digital coin ether will revive investor appetite for virtual assets amid a global plunge in prices.
Ethereum is transitioning from mining to a proof-of-stake model in which an owner pledges his or her own digital tokens as collateral to validate a transaction on the blockchain. This shift will slash energy use by up to 99.95%, according to the Ethereum Foundation, a nonprofit group supporting the blockchain.