Ethereum is about to undergo its long-awaited makeover, which will shift the company from its energy-intensive model
Ethereum has been working to shift from its proof-of-work method to a proof-of-stake model, which uses far less power than mining.
Cryptocurrencies have been criticised for their mining processes to generate new coins. But this new method will be eco-friendly and lead to faster transactions.
Tim Beiko is the coordinator for Ethereum’s Protocol Developers, who says the network is stable.
But he says the test hit “some minor known issues,” and developers “will be spending the next few days triaging them”.
The transition has repeatedly been pushed back because of major flaws. However, developers reportedly say the latest test run was very smooth.
Ethereum has lost nearly half its value this year and is trading at just over US $1,800.
Investors will continue to keep an eye out on what will come out of this upgrade.
Meanwhile, Bitcoin investors can enjoy a sigh of relief as the cryptocurrency bounces back after months of turbulence.
