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Nytimes
Can 'the Merge' Save Crypto?
Ethereum, the most popular crypto platform, appears to have successfully upgraded its software architecture from a type of blockchain known as "proof of work," which it has run since its inception in 2015, to a type of blockchain known as "proof of stake."
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And many crypto fans hope that it will turn things around for the crypto movement, which has been besieged in the past year by trillions of dollars in losses, a string of major scams and hacks and a new wave of regulatory scrutiny.
I'm not so sure it will.
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Ethereum used to be secured by a network of high-powered computers that competed against each other to solve cryptographic puzzles, burning vast amounts of energy in the process.Now, it will be secured by a process known as "staking," which involves investors agreeing to deposit their crypto coins in a shared pool in exchange for a chance to earn financial rewards.
There are other benefits to the merge - it's expected to make Ethereum faster and more efficient in the long run - but the environmental footprint is the big, immediate improvement.