Proof-of-Work is officially losing its biggest advocate. Ethereum founder Vitalik Buterin had to give up the proof protocol that he had persistently defended a few years ago. Today is 12,244,000. The Ethereum Berlin Hard Fork transaction will take place on the block and will now officially transition to the Ethereum Proof-of-Stake model. This update, which was previously announced to take place in March, is 12,244,000 due to some problems in the tests. was postponed to the block. The summary of this fork is now Ethereum will consume much less energy, transactions will speed up and transaction fees will be significantly reduced.
Hours before the update took place, the Ethereum price reached an all-time high. ETH, currently trading at $ 2,330, could increase its value gain after the update.
Transfers Accelerate & Fees Falling
The Ethereum community is excitedly waiting for this update to happen. The fact that competitors such as Cardano, EOS, Tron and Binance Smart Chain are using the proof-of-stake proof protocol enabled these chains to run much faster and to bring transaction fees to the point where they are almost free. By contrast, blockchain genius Buterin has kept Ethereum out of this system for years, believing that this proving system could benefit mining companies, prevent the global distribution of blocks, and destroy the root of the blockchain philosophy.
However, Buterin, who emphasized the energy issue in his interviews recently, explained that they have to choose the Proof-of-Stake protocol in order to minimize the damage to the environment caused by the increasing interest in the cryptocurrency world. Stating that they prevented this system from damaging Ethereum, Buterin added;
PoW consensus is a consensus that requires all nodes in the system to remain open 24/7 and to make continuous calculations for each transaction. This situation consumes a significant amount of energy. Bitcoin currently consumes more energy than most countries in the world. The Ethereum network also consumes a significant amount of energy, although not as much as Bitcoin.
The Berlin update also paves the way for a much more efficient use of smart contracts. The next update of the Ethereum mainnet will take place in July. With this new update named London (London), it is aimed that smart contracts contain much more information.
What is a Hard Fork?
The Ethereum Berlin Hard Fork transaction is just around the corner. We often hear the name Hard Fork in the blockchain world. Hard Fork means an irreversible update. After this process is completed, the old system is completely forgotten. Now only work is done on the updated system. Most of the time, this event happens with the votes of the participants who have a share in the ecosystem. In some cases, the manager and developer team make the decision.
Hard Fork operations can sometimes cause serious controversy in the community. In such cases, the community can be divided into two (Ethereum Classic) or even three (Bitcoin Cash, Bitcoin SV). There are many altcoins derived from Bitcoin and Ethereum. However, after the Ethereum Berlin fork, the remaining model will be a thing of the past. This fork will not spawn a new altcoin.
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