Ethereum's Upgrade to a Proof of Stake consensus: Did something happen?
It finally happened after years of research, development, and postponement since I began following Ethereum, the second largest cryptocurrency, in 2017. It was a history moment for cryptocurrencies - finally, Ethereum's much-anticipated Merge event took place on September 15th, 06:42:42 UTC at block 15537393.
What is the Merge?
The network transitioned to a proof-of-stake consensus method as the Ethereum mainnet execution layer merged with the Beacon Chain's consensus layer. The energy usage of the networks will be reduced by an estimated 99 percent as a result of the Merge.
Aftermath
This upgrade was more akin to a software backend update, where users did not notice any immediate effects. However, from a technical standpoint, this update is massive. It's like changing planes in midair. The Merge will pave the way for future ethereum enhancements. Vitalik Buterin, co-founder of Etherem, stated "This is the first step in Ethereum’s big journey toward being a very mature system... And there’s steps left to go. We still have to scale, we have to fix privacy. To me the Merge symbolizes the difference between an early stage Ethereum and the Ethereum we’ve always wanted."
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