Kryptowährung Ethereum: Die Cyberdevise wird durch das Softwareupdate "The Merge" mit einer weiteren Blockchain verbunden. Dies ermöglicht die Umstellung auf die "Proof of Stake" Methode – und spart im Vergleich zu Bitcoin enorme Mengen Energie.
Foto: DADO RUVIC / REUTERSEthereum, the second most important cyber currency after the cryptocurrency Bitcoin, is to be made fit for the future with a comprehensive software update.
The main goal is to make transactions faster and more energy-efficient.
The most important questions and answers about the important update "The Merge".
What is the update "The Merge?"
The Ethereum blockchain, on which all transactions are stored in encrypted form, is to be merged with a new blockchain.
This is fundamentally changing the way new Ethereum digital coins are created.
This new method is called "Proof-of-Stake".
According to the Ethereum Foundation, which is responsible for the update, "The Merge" forms the basis for further updates that should further reduce transaction costs.
When should the update take place?
The update is planned for the period between September 13th and 20th.
The exact date is unclear.
Experts predict Thursday September 15th.
The major cryptocurrency exchanges such as Coinbase or Binance have already announced that they will suspend all Ethereum withdrawals and deposits during the update.
Investors would not have to do anything related to the update.
What does "The Merge" mean for cryptocurrencies?
Ethereum enthusiasts speak of a turning point for the cryptocurrency market, which is worth around a trillion dollars.
They are betting that the cyber currency will overthrow the previous top dog, Bitcoin, thanks to its increasing popularity among users.
In technical jargon, this point in time is called "Flippening".
So far, the Primus has been valued twice as high as Ethereum with a market value of around 390 billion dollars.
The hope that investors associate with the update – which has been postponed several times due to technical problems – can be seen in the price development: Since mid-June, Ethereum has increased by around 90 percent to currently around 1700 US dollars.
Bitcoin is only up around 16 percent and currently costs almost $21,000.
"Proof of Stake" method promises energy savings of 99 percent
The developers of "The Merge" promise energy savings of 99 percent by switching the verification of transactions to the "Proof-of-Stake" method.
In the future, comparison and encryption will be automatically transferred to the “digger” who has the largest Ethereum balance at the time.
In the cyber motto, he is rewarded for providing the necessary computing power.
With Bitcoin and most other cryptocurrencies, only the miner who completes the necessary calculations first among hundreds or even thousands of competitors will be awarded the contract.
Everyone else turned on their high-performance computers for free.
This method is called "Proof-of-Work".
The update is intended to simplify the programming of "smart contracts".
Critics warn that the move to "Proof-of-Stake" could open up avenues for hackers to attack.
So it is conceivable that software errors cause confusion and criminals use this to steal digital coins.
Another risk is that a "digger" accumulates so much Ethereum that he is always tasked with verifying transactions.
He could then manipulate the blockchain and enrich himself.
Proponents counter that appropriate protective mechanisms have been installed.
They also point out that the update will simplify the programming of so-called "smart contracts", which will increase their spread.
Smart contracts handle transactions worth billions
Unlike Bitcoin, Ethereum is not just a means of payment, but a software platform.
In this way, transfers can be linked to the fulfillment of certain conditions.
According to experts, transactions with a volume of several billion dollars are currently being processed via "smart contracts" and Ethereum every day.
la/Reuters