And what could go wrong.
called Change the Code, Not the Climate led by the nonprofits Greenpeace USA and Environmental Working Group that’s pushing the Bitcoin network to follow Ethereum’s move.The Merge, if all goes well, is expected to shrink Ethereum’s environmental footprint significantly. To leave proof of work behind, Ethereum is transitioning to a new process for validating transactions called proof of stake.
Instead of using enormous energy costs as a deterrent to bad behavior, proof of stake requires validators to lock up crypto tokens as collateral. That way, the validators have a stake in keeping the ledger accurate. If anyone else on the network finds that someone has added faulty blocks to the chain, the guilty party loses tokens they’ve staked. In Ethereum’s case, you need to staketokens to get started as a validator.
Validators will still be rewarded with new tokens for doing the job right. Staking tokens enters them into a new sort of lottery to verify blocks of transactions and receive that reward. An algorithm randomly picks which validators, among those who have staked tokens, to create the next block in the chain.
As a result, a successful transition to proof of stake is expected to slash Ethereum’s energy use by at least 99 percent. The Ethereum Foundation put the number at roughly 99.95 percent. There’s about a percent of wiggle room based on how much energy is used after The Merge by the computers still needed to store data and verify transactions. Validators will still want to keep computers running 24/7, but they won’t be using up as much juice to solve those pesky puzzles.
Overall, we’re talking about serious energy savings. It’s equivalent to about as much electricity as a quarter of the world’s data centers use annually, according to Alex de Vries, a researcher who runs the website
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