Ethereum Is Now a Proof-of-Stake Network After Merge Goes Off Without a Hitch

After years of waiting, Ethereum has finally completed its historic merge event and has successfully migrated from Proof of Work (PoW) into a Proof-of-Stake (PoS) consensus mechanism.

The Ethereum Merge Is Done

At 2:45 AM EST, Ethereum became a Proof-of-Stake network shortly after reaching the “terminal total difficulty” of 58750000000000000000000. Ethereum’s transition to PoS went off without a hitch, quelling fears in the crypto community.

In the first two epochs (12 minutes and 48 seconds) that it took the Ethereum network to reach finality, the network missed just one block. This was a significant feat, considering the level of difficulty of the merge.

Celebrating the success of the merge, Ethereum Foundation developer, Terence.eth wrote;

We merged! What a surreal feeling after working on the beacon chain for two years and the merge for two years. This was the most complex project I’ve ever participated and it wouldn’t have been possible without all the brilliant minds. History was made today! Congrats!

— terence.eth @ ethberlin (@terencechain) September 15, 2022

As Ethereum transitioned, major crypto exchanges including Binance, FTX, Coinbase, and Kraken temporarily paused trading for Ethereum (ETH) and Ethereum-related tokens as a precautionary measure.

Since the announcement of the successful merge, the price of ETH managed to break out of its bearish cycle, and now trades above $1,600, albeit not up to the expectations from bullish investors.

The 24-hour price chart for Ethereum (ETH). Source: CoinMarketCap

What Does PoS Bring to Ethereum?

The merge has changed how ETH will be created and how transactions on the Ethereum network are validated. Validation and new ETH will now be created by stakers who pledge their ETH to protect the network.

If miners create new blocks on Ethereum’s PoS, the upgraded execution clients would reject them as invalid. By letting go of miners and their energy-intensive equipment, Ethereum should now consume 99.9% or so less energy.

The Merge retires Ethereum’s Proof-of-Work system, which it has operated on with miners since its launch in 2015. In addition, the Ethereum Foundation says PoS should make the Ethereum network more secure and scalable.

On the Flipside

Ethereum’s successful merge means miners who want to remain on PoW have begun preparation to hard fork the network within the next 24 hours.

Why You Should Care

The seamless execution of the Ethereum merge is a historic milestone that won’t just affect Ethereum, but the entire crypto industry.

Related Posts

John McAfee is the Creator of Bitcoin: TikTok Influencer Makes Wild Claim. Or is it?

John McAfee is the creator of Bitcoin. This is the remarkable claim of a TikTok influencer who calls himself Harry the Soul Coach. He says, “John McAfee…

Covalent CEO: There’s an ‘unresolved backlog’ of unfilled Web3 data roles

The demand for on-chain analysts is set to further increase with Web3 data outgrowing Web2 data over the next 20-30 years, says Covalent’s Ganesh Swami. Ganesh Swami,…

The Dangerous Implications Of Central Bank Digital Currencies

There are a variety of reasons consumers should be wary of developments surrounding central bank digital currencies. Natalie Smolenski is a senior advisor at the Bitcoin Policy…

The SEC is bullying Kim Kardashian, and it could chill the influencer economy

The feds should have tried to work with Kardashian to establish more transparent norms for influencers rather than slapping her with a $1.26 million fine for promoting…

How Satoshi Nakamoto And Bitcoin Mirror The United States’ Founding Principles

The governance and origins of Bitcoin closely resemble those presented in the founding documents of the United States. This is an opinion editorial by Buck O Perley,…

Moët Hennessy USA files NFT & Metaverse Trademark Applications

One of the top leading beverage companies — Moët Hennessy, submitted not one but five NFT and metaverse trademark applications for the names “Moet,” “Moet & Chandon,”…

Generated by Feedzy