Cointelegraph.comEth2EthereumLighthouseMiningPhase 1.5Proof-of-StakeSigma Prime

99.98% less power: Lighthouse’s first Ethereum and Eth2 merge transaction

It is one of the first steps towards Phase 1.5 that will ‘dock’ Eth1 with Eth2.
Blockchain security provider Sigma Prime has announced its first merge transaction between the two Ethereum networks.The transaction was made by its Lighthouse client using only Proof of Stake validators, it stated in a March 25 tweet. It added that this was a step towards a 99.98% drop in Ethereum energy consumption, deriving that figure from calculations that compare the current Proof of Work Eth1 with the much more efficient Proof of Stake Eth2.Sigma Prime stated that it is an exciting achievement but still far from production as it is still a prototype with much more work to do, adding:“Primarily, you should take this is a signal that Eth1 and Eth2 developers are actively working together on the merge.”This is not the first time such a feat has been managed, with Sigma Prime pointing out that in August last year the Teku Ethereum client had also demoed a prototype capable of performing any Eth1 transaction in an Eth2 environment.The transaction is part of the initial steps towards Phase 1.5 in the Ethereum 2.0 upgrade roadmap when a “docking” process will merge Eth1 mainnet with the Eth2 Beacon Chain and sharding system. The move to Proof of Stake will eliminate the energy-hungry mining operations that currently power Eth1, though the blockchain will still run as a shard of Eth2 once Phase 1.5 is complete.A discussion on mining, and its power consumption, was spawned on Reddit in …
Story continues on Cointelegraph

Related posts
BitcoinCat peopleCointelegraph.comcryptocurrencyDog peopleGender gapgoldXcoins

Bitcoiners love dogs, gold bugs prefer cats — Important new research

Research has revealed crypto investors are more likely to be ‘dog people’ while gold investors are more likely to be ‘cat people’. New research from US crypto exchange Xcoins suggests gold investors are pretty evenly split between men and women,…
Avantibank charterCointelegraph.comWyoming

Avanti Financial raises $37 million to launch institutional crypto bank

The digital asset bank will be aimed at institutional investors only, and there is no exchange planned. The Avanti Financial Group has announced that it has raised $37 million in a Series A round, bringing the company closer to launch…
Cointelegraph.comHester PeirceHowey Test

SEC’s ‘Crypto Mom’ warns selling fractionalized NFTs could break the law

Fractionalized NFTs and baskets of non-fungible tokens could easily be considered investment contracts under U.S. securities law, warns SEC Commissioner, Hester Peirce. Speaking at Draper Goren Holm’s Security Token Summit on March 25, SEC commissioner Hester Peirce, also known as…