Indian Blockchain industry hails Ethereum merger for greener crypto

The Indian blockchain industry on Thursday hailed the historic upgrade of Ethereum, known as the 'Merge', that will create a more energy-efficient network based on the second largest cryptocurrency (after Bitcoin) with a promise to save the environment.

New Delhi, The Indian blockchain industry on Thursday hailed the historic upgrade of Ethereum, known as the 'Merge', that will create a more energy-efficient network based on the second largest cryptocurrency (after Bitcoin) with a promise to save the environment.

The Merge was the most complicated upgrade to Ethereum to date-- from a proof-of-work consensus mechanism to a proof-of-stake Blockchain -- to make Ethereum at least "99 per cent more energy efficient".

Ethereum currently uses the same consensus mechanism as Bitcoin "known as proof of work that requires huge amounts of energy".