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To Ethereum developers, for pulling off the merge
I know, I know. Putting a crypto project in a “good tech” list in 2022 feels like putting credit default swaps in a “cool financial innovations” list in 2008.
But while the crypto industry took a nosedive this year — wiping out trillions of dollars in value and leaving many investors empty-handed — there was at least one bright spot. In September, Ethereum, the network behind the second most valuable cryptocurrency after Bitcoin, completed what was known as “the merge” — a hulking, years-in-the-making project to switch Ethereum from an energy-guzzling form of blockchain known as “proof of work” to a much greener form of blockchain known as “proof of stake.”
The switch, which crypto developers compared to trying to swap a plane’s engine in midair, was a smashing success, and cut the energy required to power Ethereum by more than 99 percent. (It didn’t, however, boost the price of the cryptocurrency, Ether, which ended the year down nearly 70 percent.)
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