Breaking: Historic day for crypto as Ethereum Merge to proof-of-stake occurs

Officially, the Ethereum Merge took place. This marks the transition of the entire network to proof-ofstake (PoS).

On Sept. 15 at 06:42:42 UTC at block 15537393, the long-awaited Merge saw the merging of the Ethereum mainnet execution layer and the Beacon Chain’s consensus layer at the Terminal Total Difficulty of 58750000000000000000000, meaning the network will no longer rely on a proof-of-work (PoW) consensus mechanism.

The Merge in hourly metrics gives Ethereum (ETH) a slight lift. According to TradingView data, Ethereum is currently trading at $1,635,

According to the Ethereum Foundation, the Merge will increase the energy efficiency of the Ethereum network by 99.95% and set the stage for future scaling options such as sharding.

Vitalik Buterin, Ethereum’s co-founder, celebrated the Merge by tweeting moments after the historic transition.

We are done! All of you, happy merging. This is a significant moment for Ethereum. Everyone involved in the merger should be proud of their contribution.
— vitalik.eth (@VitalikButerin) September 15, 2022

StarkWare President and Co-Founder Eli Ben-Sasson told Cointelegraph that the Merge’s immediate impact was its dramatic impact on energy consumption.

Ben-Sasson stated that it was also “the first step of a process which will lead to an exceedingly widespread adoption Ethereum.”

It starts a chain reaction that causes other changes. End result will be a broad use of Ethereum’s computing power and a large population using blockchain-based applications in many areas of life.

The Ethereum Foundation has put a lot of effort into the Merge over the past several years.

. @VitalikButerin claims #Ethereum can process “100,000.00 transactions per second” after 5 key phases are completed: *The Merge *The Surge *The Verge *The Purge *The Splurge. Here’s a quick overview of each stage for $ETH. pic.twitter.com/FnaWww8mHZ
— Miles Deutscher (@milesdeutscher) July 22, 2022

ETP-issuers of Ethereum-based ETPs (exchange-traded products) have been making adjustments to the Merge. Bradley Duke, the CEO of ETC Group, a European crypto ETP provider, told Cointelegraph that they have prepared a “forked” version of their ETH-based ETP to be used in the event of significant support for a PoW Fork.

Duke said, “If enough people stand behind a fork for any reason, we believe the free market will decide what should live and not.”

Related: It’s on! Where can you catch the Ethereum Merge live?

The Merge is complete. Now, the “Surge,” the “Verge,” the “Purge”, and the “Splurge,” are the last stages of the Ethereum technical roadmap.

The Surge will improve scalability through sharding; the Verge will attain statelessness through Verkle tree states; the Purge and Splurge both will remove historical data and eliminate technical debt.

The Merge, one of the most significant transitions in blockchain history, was not without controversy. ETHW Core, a group representing proof of work miners, announced they would conduct a hard fork within the next 24 hours following the Merge

Beeple, a renowned designer, celebrated the Merge by creating a sci-fi illustration.

THE MERGE pic.twitter.com/7tdfNZiuuv
— beeple (@beeple), September 15, 2022

The Ethereum Merge officially took place at block 15537393 at 06:42.42 UTC on Thursday, transitioning the network to PoW from PoS.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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