Re: Crypto Currency
Originally Posted by
doulos
It's a massive thing for Ethereum and has been in the works for years. The technical aspect of it is pretty impressive so it felt like a party late last night.
In the grand scheme of things it is just another step in everything that needs to happen long term, but it moved Etheruem from Proof of Work (mining) to Proof of Stake (staking). It cut the energy usage by 99+%, which was critical in today's world. To put it into context, it was estimated that it actually reduced worldwide energy usage by 0.2% since Ethereum mining used up so much energy.
It also cut token issuance drastically and under even moderate usage of the blockchain will make Ethereum deflationary, rather than inflationary, due to the way it is now setup.
Ultimately it's just one of many things that is going to happen, but it's one of the largest crypto/blockchain events to happen in years.
Thanks for the explanation. I currently hold Bitcoin, Cardano and Eth pretty well exclusively.
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