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ARTICLE · 13 OCTOBER 2022

ETH's Merge - What's It All About?

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Ethereum, the blockchain that powers the ether (ETH) cryptocurrency, has upgraded its system in a move known as "The Merge". On September 15th, it switched from a proof-of-work mechanism...

United StatesTechnology
Andrew Pimlott
Andrew Pimlott

The blockchain underpinning the ether cryptocurrency has just been made more energy-efficient, secure, and scalable. Andrew Pimlott explains how it was done, the market and regulatory reaction, and likely future developments.

Ethereum, the blockchain that powers the ether (ETH) cryptocurrency, has upgraded its system in a move known as "The Merge". On September 15th, it switched from a proof-of-work mechanism for verifying transactions to a proof-of-stake mechanism which, it says, will cut its energy costs by 99.95% and make the network more attractive to users.

The upgrade has been widely welcomed by exchanges, investors, and other crypto market participants. But there are some potential drawbacks, one of which is that it has placed it under the regulatory spotlight. The US Securities and Exchange Commission (SEC), which currently does not view ether as a security and therefore does not regulate it, says the change to proof-of-stake makes it more like a

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