This is tuesday September 13, ethereum will transition from proof of work to proof of stake in a day or so.
Why is it important? It’s been a talking point of evolution for the ethereum blockchain since it’s beginnings in July 2015. What it does is change how new blocks are chosen, moving from proof of work (lots of computers using a lot of electricity), to proof of stake (basically a lottery from stake holders). It saves a lot of electricity.
Bitcoin (the largest cryptocurrency) also runs on proof of work, but there are no current plans to migrate it to proof of stake.
Cryptocurrency is a financial and technological product (fintech). Money goes everywhere! And now technology is developing means for working with money, in terms of crypto tech. It will disrupt traditional finance like the internet is disrupting newspapers for instance.