Home » Cryptocurrency » Historic Day for the Cryptocurrency When Ethereum Merged With Proof of Stake 2022

Historic Day for the Cryptocurrency When Ethereum Merged With Proof of Stake 2022

Historic Day for the Cryptocurrency 2022

The Ethereum merger has officially taken place, marking the complete transition of the network to Proof of Stake (PoS).

On 15 September 06:42:42 UTC block 15537393, the long-awaited merger of the Ethereum mainnet execution layer and the Beacon Chain consensus layer, took place at 587500000000000000000000 complete terminal difficulties, meaning the network will no longer rely on one. Proof-of-Work (PoW) consensus mechanism.

According to Trading View data, Ethereum’s (ETH) price is trading near $1,635, making a slight upward move after a bearish break in the hourly metrics.

The Ethereum Foundation said that the merger will make the Ethereum network approximately 99.95% more energy efficient and will lay the groundwork for future scaling solutions, including sharding.

Ethereum co-founder Vitalik Buterin celebrated the merger with a tweet following the historical change:

Speaking to Cointelegraph, Starkware president and co-founder Eli Ben-Sasson said that “the immediate significance of the merger is the dramatic impact on power consumption.”

Ben-Sasson said this is “the first step in a process that will lead to more widespread adoption of Ethereum,” stating:

“A chain reaction of changes begins. The end result will be a much wider use of Ethereum’s computing power, and the general population using blockchain-based applications in many different walks of life.”

The merger comes after several years of hard work by the Ethereum Foundation.

Companies issuing Ethereum-based exchange-traded products (ETPs) have been busy making their adjustments to the merger. Bradley Duke, CEO of European crypto ETP issuer ETC Group, explained to Cointelegraph that the company had created a “hard forked version” of its ETH-based ETP in case there is significant support for PoW hard forks following the merger. ,

“If enough people get behind a fork for whatever reason, we think the free market will decide what should live and what doesn’t,” Duke said.

With the merger complete, “Surge,” “Verge,” “Purge,” and “Splurge” remains the final steps on Ethereum’s technical roadmap.

The surge will increase rollup scalability through sharding, Verge will achieve statelessness through Vertical Tree, The Purge will remove historical data and technical debt, and Splurge will include several minor miscellaneous updates.

One of the most significant changes in blockchain history did not go unopposed. ETHW Core, a group representing proof-of-work miners, announced that they would work hard within 24 hours of the merger.

Renowned designer Beeple celebrates Fusion with a sci-fi illustration:

The Ethereum merger officially took place on Thursday at 06:42:42 UTC on block 15537393, converting the network from PoW to PoS.

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