Babbage: Will Ethereum’s merge transform crypto?
A monumental shift is about to take place in the crypto world. One of the most important blockchain projects, Ethereum, is set to change the way it secures its network—from the energy-intensive “proof-of-work” system to the greener “proof-of-stake” method. Known as “the merge”, the switch could slash Ethereum’s energy consumption by over 99 percent. The Economist’s Stevie Hertz investigates why the “proof-of-work” system of mining currencies like bitcoin is so bad for the environment, and Alice Fulwood and Ludwig Siegele analyse how Ethereum’s merge will change the wider cryptoverse. Alok Jha hosts.
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