On the 15th of September, Ethereum finished its migration from a Proof-of-Work (PoW) mechanism to a Proof-of-Stake (PoS) one. This move, as claimed by the Ethereum Foundation, will make the Ethereum network way more sustainable. As per their expectations, the Ethereum network will now require 99% less electricity to operate. On top of that, this upgrade is likely to improve the efficiency of the network overall. This will allow transactions on the Ethereum network to be less time-consuming and cheaper. Although this upgrade will remove several other issues on the Ethereum chain, experts believe that new bugs may continue to impair the network.
Most people see the Ethereum Merge as a huge success, and so does one of the Ethereum’s founders, Vitalik Buterin. Buterin made his feelings public through Twitter, stating that everyone who participated in making the merge happen should feel proud. Influencers like Beeple commented on his tweet, expressing enthusiasm and relief that this process went smoothly.
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.
— vitalik.eth (@VitalikButerin) September 15, 2022
The Ethereum merge is the first of its kind since no other project has ever done it before. Ethereum provides a platform for more than 3,000 decentralized apps (DApps), making it way harder for the merge to be a success. Although the merge was a very important step for Ethereum, Buterin says this is just the beginning of a very long journey.
Looks like after the #EthereumMerge, ETH’s price fell by 9%.
What should we expect?
— Forever HODL ₿🐐 (@granitacademy) September 15, 2022