Media Release by Blockstars Technology
Australian crypto fans are preparing for the biggest event to occur in Blockchain history since it launched in 2008, with one of the biggest blockchains looking towards a greener future in an event of years in the making, against all odds, and happening in less than 24 hours.
Blockchain experts are comparing the size of the event to the creation of Bitcoin and the Blockchain itself.
This week one of the most widely accepted and used blockchain networks Ethereum will undertake ‘the merge’ and upgrade its systems from a high-energy using network to an environmentally friendly one.
A leading Australian Blockchain Technology company, Blockstars Technology have expressed their excitement towards the iconic merge being one of the first major steps in blockchain history.
“Blockstars’ focus over the last 18 months has been on the Ethereum Virtual Machine environment, we are super excited for ‘the merge’ and have been hearing about it since 2015 and for it to be finally upon us in a couple of days is fantastic,” said Mr. Kosala Aravinda, Chief Operations Officer for Blockstars Technology.
“By transforming the consensus mechanism, the drop in carbon footprint would be reduced by around 99.95%,” continued Mr. Aravinda.
“The merge will change how the ecosystem protects the network, from needing massive computing power which we call Proof of Work to be based on how many Ethereum a person holds which we call Proof of Stake,” said Mr. Kosala Aravinda.
Proof of work currently relies on miners, to prove the ledgers of information which mean thousands of computers using power to verify the information to form a consensus of what’s authentic and what’s not.
Whereas proof of stake is the complete flip side, where you don’t need miners and power consumption is significantly reduced as the people who hold the Ethereum can stake it that verifies the information.
With this proof of stake merge, it will open up doors for institutions and investment bankers to stake their Ethereum for returns not too dissimilar to a term deposit earning interest in a bank.
It has been 7 years since the highly trusted and reliable Ethereum Blockchain launched and this is the first step towards Ethereum becoming carbon friendly. The most important phase will be coming next year when Ethereum introduces sharding and when there will be a drastic drop in gas fees.
The blockchain is a digital ledger of transactions and is a worldwide ‘trustless’ technology revolution happening in our society right now. It is constantly growing as “completed” blocks are added to it with a new set of recordings. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
It is expected that ‘the merge’ will take place either this Thursday or Friday morning.