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Ethereum finishes major software upgrade

Ethereum finishes major software upgrade
(FILES) In this file photo taken on January 27, 2020 The photo shows a physical imitation of a Ethereum cryptocurrency in Dortmund, western Germany. - An army of computer programmers scattered across the globe is set to attempt one of the biggest software upgrades the crypto sector has ever seen later this week. Developers have spent years working on a more energy-efficient version of the ethereum blockchain, a digital ledger that underpins a multibillion dollar ecosystem of cryptocurrencies, digital tokens (NFTs), games and apps. (Photo by INA FASSBENDER / AFP)

Cryptocurrency coin, Ethereum blockchain, has completed a major software upgrade aimed at reducing its Energy.

Co-founder and Ethereum inventor, Vitalik Buterin, made the disclosure in a tweet on Thursday.

The upgrade, known as the “Merge”, will change how transactions on the Ethereum blockchain occur and how ether tokens, the second-largest crypto coin after bitcoin, are created.

Under the change, Ethereum will move from a “proof of work” system, in which energy-hungry computers validate transactions by solving complex maths problems, to a “proof of stake” system, where individuals and companies act as validators, using their ether as collateral, to win newly created tokens.

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