Breaking: Historic Day for Crypto as Ethereum Merges to Proof-of-Stake

0
0

The Ethereum Merge has officially taken place, marking the network’s full transition to proof-of-stake (PoS).

On September 15 at 06:42:42 UTC in block 15537393, the much anticipated Merge saw the merging of the Ethereum mainnet execution layer and the Beacon Chain consensus layer on the Terminal Total Difficulty of 587500000000000000000000, meaning the network will no longer trust on a proof-of-work (PoW) consensus mechanism.

The price of Ethereum (ETH) is seeing a slight increase after the Merge in hourly statistics, which is currently trading at around $1,635, according to data from TradingView.

The Ethereum Foundation said the merger will make the Ethereum network about 99.95% more energy efficient and pave the way for future scaling solutions, including sharding.

Ethereum co-founder Vitalik Buterin celebrated the Merge with a tweet moments after the historic transition happened:

Speaking to TBEN, StarkWare president and co-founder Eli Ben-Sasson said that “the immediate significance of the merger is its dramatic effect on energy consumption.”

ALSO READ  Beldex and Geometry Labs enter into a privacy-enhancing partnership

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

“It sets in motion a chain reaction of change. The end result will be the very broad use of Ethereum’s computing power and the general population using blockchain-based apps in many different areas of life.”

The Merge is the result of several years of hard work by the Ethereum Foundation.

Companies issuing Ethereum-based exchange-traded products (ETPs) have been busy making their own adjustments about the merger. Bradley Duke, CEO of European crypto ETP issuer ETC Group, explained to TBEN that the company has prepared a “forked version” of their ETH-based ETP in case there is significant support for a PoW fork after the merger.

ALSO READ  Crypto Markets See Flow Of Queen Elizabeth Memecoins And NFTs

“If enough people get behind a split for whatever reason, we think the free market will decide what needs to live and what doesn’t,” added Duke.

Now that the merge is complete, the “Surge”, “Verge”, “Purge” and “Splurge” are the final stages on Ethereum’s technical roadmap.

Related: It’s on! Where can you see the Ethereum Merge live

The Surge will increase scalability for rollups through sharding, the Verge will achieve statelessness through Verkle trees, the Purge will eliminate historical data and technical debt, and the Splurge will bring a number of minor miscellaneous upgrades.

Renowned designer Beeple celebrated the Merge with a sci-fi illustration:

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