The update on Ethereum Merge happened today. Here’s everything you need to know about the crypto industry’s divergent perspective.
The Ethereum network moved to the proof-of-stake consensus method on September 15, 2022, bringing an end to the obsolete proof-of-work mining architecture. The ‘Merge’ update has reduced the blockchain’s energy consumption by 99.95 percent, ushering in a new phase of eco-friendly cryptography.
Just after Merge, every 12 seconds or so, when a new block is added, Ethereum will employ the “proof-of-stake” method. A lottery process will pick, from a pool of stakers who temporarily deposit their tokens to defend the network, those who will verify transactions and earn token rewards for doing so.
Tweet by Vitalik Buterin
Vitalik added that the Merge will decrease the global electricity consumption by 0.2%.
Tweet By Monty Metzger
Monty Metzger further posted “Historic milestone for the crypto blockchain industry. Successful transition from proof-of-work to proof-of-stage of Ethereum.“
Tweet by LCX
Tweet by Coindesk
Coindesk further posted that “The price of ether is flat after the network’s successful transition to Proof of Stake.”
Tweet by Dogecoin
Tweet by Kucoin
Tweet by Coingecko
Tweet by CoinMarketCap
Tweet by Lark Davis
The community enthusiastically embraced the Ethereum merge. And we can see that on social media platforms. Through this merger, we anticipate big and good changes in the near future.
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