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Ethereum Merge Update – Reaction of Crypto Industry

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.

LCX Ethereum PoW Update 

Let’s find out how the community reacted to Ethereum Merge


Tweet by Vitalik Buterin

Tweet by vitalik.eth

https://twitter.com/VitalikButerin/status/1570306185391378434

Vitalik added that the Merge will decrease the global electricity consumption by 0.2%.

Tweet By Monty Metzger

Tweet by Monty Metzger

https://twitter.com/montymetzger/status/1570306707523502082

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

https://twitter.com/lcx/status/1570308241258868737

Tweet by Coindesk

Tweet by CoinDesk

https://twitter.com/CoinDesk/status/1570302604734767105 

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 Dogecoin

https://twitter.com/dogecoin/status/1570340135249526784?t=bEcWxGVAuLIkKUMHgZRRQg&s=08

Tweet by Kucoin

https://twitter.com/kucoincom/status/1570302437566840833?t=EAhoG0Fz93LMPopUM_5mbA&s=08

Tweet by Coingecko

https://twitter.com/coingecko/status/1570302526297354242?t=WZ3ImS1FClJopNcAeGwF_A&s=08

Tweet by CoinMarketCap 

Tweet by CoinMarketCap

https://twitter.com/CoinMarketCap/status/1570311558215143424

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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