Ethereum's Transition to Proof of Stake 🌟
In December 2020, Ethereum began its transition from a Proof of Work (PoW) system to a Proof of Stake (PoS) system, a move that has been much anticipated in the cryptocurrency community. This transition aims to improve scalability, security, and sustainability.
Here's what you need to know:
- Scalability: Proof of Stake enables Ethereum to process more transactions, reducing congestion and high gas fees.
- Security: PoS is inherently more secure as it requires a majority of staked Ether to attack the network, making it prohibitively expensive.
- Sustainability: PoS significantly reduces energy consumption by eliminating the need for energy-intensive mining.
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