Blokcchain security provider Sigma Prime announced the first merged transaction between two Ethereum networks.
The transaction is executed by its Lighthouse client solely using the Proof of Stake validator, the company stated in a tweet on March 25, adding that this has seen a drop in Ethereum energy consumption. 99.98%, according to calculations comparing Eth1’s current PoW to Eth2’s PoS.
Sigma Prime claims that it’s an interesting achievement but has yet to be produced as it is still a prototype with much work to be done, adding:
“First of all, you should take this as a signal that the Eth1 and Eth2 developers are actively working together on consolidation.”
This is not the first time such a feat has been created, Sigma Prime pointed out that in August of last year, Teku Ethereum client also demoed a prototype capable of performing any Eth1 transaction in Eth2 environment.
Transactions are part of the initial steps towards Phase 1.5 of the Ethereum 2.0 upgrade roadmap as the “docking” process will merge the Eth1 mainnet with the Eth2 Beacon Chain and sharding system.
The switch to PoS will eliminate Eth1’s energy-consuming mining operations, although the blockchain will still run as part of Eth2 once Phase 1.5 is complete.
A discussion on mining and its power consumption, was raised on Reddit in response to Lighthouse development.
Citing the growing cost of electricity and graphics processors due to a global shortage of chips, Redditor HighlightAccording98 claims that the gains from staking are simpler than mining.
“If I were a miner, I would be sitting on a pile of ETH staked from selling my equipment to collect APY and waiting for the consolidation.”
Currently, staking on Beacon Chain is delivering an APY of 8.2% with 3.6 million ETH deposited.