Tether labels Ethereum’s Merge, as ‘most significant moment’ in blockchain history

Tether, one of the largest stablecoin has labelled Ethereum’s transition from Proof-of-Work (PoW) algorithm to Proof-of-Stake (PoW) as the most significant moment in blockchain history. This comes a day after USDC stablecoin issuer Circle said that it backs ‘The Merge’.

Ethereum’s Merge will soon decrease the blockchain’s energy usage by 99 per cent. This means the energy expenditure of Ethereum will be roughly equal to the cost of running a home computer for each node on the network. This is important because cryptocurrency has been widely criticized for affecting the environment. Both PoS and PoW are methods of mining cryptocurrencies. Most legacy cryptocurrencies, such as Bitcoin, rely on a proof-of-work mechanism.