The long-awaited Ethereum merge has now gone live. Ethereum has successfully transformed from the Proof-of-Work into Proof-of-Stake as the merge goes live.
The new development was shared by Ethereum’s Vitalik on his Twitter handle saying; “And we finalized! Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.”
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Per Wu Blockchain:
“The first Ethereum PoS block (height is 15537394) is produced, and the package validator is: 0xeee27662c2b8eba3cd936a23f039f3189633e4c8. The last Ethereum POW block was mined by F2pool.”
Many pundits have often described the upgrade as an impressive feat of engineering akin to swapping out a vehicle’s engine while it remains in motion. This statement implies that the network transitioned from PoW (what some will describe as the old gas engine) to PoS (compared mainly to an electric engine) without any network downtime.
A crypto pundit once stated that while the merge does not cut down gas fee or increase the speed of the transaction, it makes Ethereum deflationary by beating down the asset’s yearly issuance and incentivizing investors to hold on to their bags with the introduction of the staking economy. In this regard, it reduces supply while the demand is projected high.
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It is worth noting that the Ethereum merge is indeed a long yeaning project for the crypto space and the world as a whole. Mining Ethereum has been a critical point of danger to world climate.
Although not all users are happy with the idea of the merge. Many of PoWer die-hard fought that the consolidation (Merge) would not come alive but more than their reason for the merge not to occur, there is a bigger reason for it to come live as it secures the world from the danger that mining poses to the climate globally.
Merge To Reduce World Electricity Consumption By 0.2%
Ethereum founder says merge will reduce Worldwide electricity Consumption by 0.2%.
The merge was imminent and it was also discussed and celebrated via YouTube.
[…] to the expectation of the crypto industry, Ethereum’s Price has not been encouraging post-merge, although there has been an increase in price which was traced to the massive deposit made by the […]
[…] The staking platform of the second-largest crypto assets has been receiving massive stakes since the network upgrade. […]