The Ethereum cryptocurrency is switching to a new transaction confirmation protocol. This will reduce energy consumption during mining by 99%, the developers assure. The transition will be smooth and will take place from September 15 to 20.
Quartz writes about the imminent change of the Ethereum mining algorithm.
Instead of the current Proof-of-Work protocol, Ethereum will start using Proof-of-Stake. The latter allows you to register transactions with a minimum amount of energy consumed. According to the Ethereum Foundation, they will be able to reduce energy consumption when mining ethers instantly by 99%.
Also, the new protocol will make the blockchain system resistant to hacker attacks. Most protocols, including Proof-of-Work, are threatened by the so-called “51% attack”, when a hacker gains control over half of the computing power needed to confirm operations.