Tag: Proof-of-Stake

Ethereum Completes Transition to Proof of Stake with Shapella Update Read more

Ethereum, one of the leading blockchains, achieved a significant milestone as it completed its transition from Proof of Work (PoW) to Proof of Stake (PoS) with the successful implementation of the Shapella update on Wednesday night.The Shapella update, accompanied by minor optimizations, marks a crucial step forward for Ethereum, allowing staking participants to withdraw their deposits along with interest. This update required participants in the decentralized network to upgrade to newer versions of client software through a hard fork process.The transition from PoW to PoS began with participants transferring Ether from the PoW chain to the Beacon Chain, effectively becoming validators of new blockchain blocks. The Beacon Chain ensures consensus under the PoS mechanism. Initially, both chains operated independently, with...