Will the Ethereum Merge leave the crypto at greater risk of hacking?
If all’s gone according to plan, the Ethereum (CRYPTO: ETH) Merge should officially be complete this morning. If you’re unfamiliar, the Ethereum Merge refers to the crypto’s transition from a proof of work (PoW) protocol to a proof of stake (PoS) protocol. We won’t take a deep dive into the details of the transition here. But in a nutshell, PoS will see an end to Ethereum miners and usher in a new era of validators. Validators will stake some Ether holdings to validate transactions and maintain the security of the blockchain. This requires far fewer electricity-hungry computers to maintain and should see energy consumption to run the network fall by a whopping 99%. In a world gripped by an energy crisis and struggling to reduce carbon emissions that’s obviously good news. But will the Ethereum Merge leave the blockchain more vulnerable to hackers? For some expert insight into that question, we defer to Ray Brown, head of marketing at CoinSpot. As to whether the PoS model will make the crypto network less secure, Brown said, “While there are a couple of reasons for this line of thinking, it is likely that these concerns aren’t very significant.” Rather than diminish security, Brown believes crypto investors could look forward to greater security. “The Ethereum Merge will, in all likelihood, actually lead to a more secure chain,” he said.