Ethereum just completed a successful dress rehearsal for its most important upgrade ever
Ethereum just completed its first big dress rehearsal for a long-awaited makeover that will be its most significant overhaul since the digital currency was launched nearly a decade ago. Cryptocurrencies such as ethereum and bitcoin are often criticized for the process of mining to generate new coins. Both currently use a so-called proof-of-work mining model, involving complex math equations that massive numbers of machines race to solve. Ethereum has been working to shift from the energy-intensive proof-of-work method for securing the network to a proof-of-stake model, which requires users to leverage their existing cache of ether as a means to verify transactions and mint new tokens. This requires far less power than mining and will translate to faster transactions.