Ethereum (ETH) completes 'The Merge' in transition to proof-of-stake
The transition known as The Merge has been completed 'officially deprecating proof-of-work and reducing energy consumption by 99.95 percent' according to the Ethereum website.
Back in July, Ethereum developers proposed a tentative date of September 19 for “The Merge” and now, a few days ahead of that mark, the transition to proof-of-stake has been completed. The news comes courtesy of the official Ethereum website which further outlines what The Merge is and its impact on things like the reduction of energy consumption.
Not only does The Merge reduce energy consumption, it also improves scalability and security via its new proof-of-stake consensus layer, the Beacon Chain. With this, the need for energy-intensive mining has been eliminated, and has enabled the network “to be secured using staked ETH.”
Originally, the Beacon Chain wasn’t processing Mainnet transactions according to the Ethereum website. However, after The Merge, the Beacon Chain has now become “the consensus engine for all network data, including execution layer transactions and account balances.”
The term “Eth2” has also been “deprecated” through The Merge as “Eth1” and “Eth2” have merged into a single chain. Moving forward, there’s no need to distinguish between the two as “there is just Ethereum.”
And for those who may be concerned about any loss of history as a result of The Merge, the website assures that no history was lost during the process of merging Mainnet with the Beacon Chain.
Additionally, The Merge didn’t change anything for Ethereum holders and users. To learn more about The Merge, be sure to pay a visit to the official Ethereum website. For more on cryptocurrency in general, also check out some of our previous coverage including the recent partnership between Square Enix and Oasys blockchain.
-
Shacknews
replyMorgan Shaver posted a new article, Ethereum (ETH) completes 'The Merge' in transition to proof-of-stake
-
-
So that means one specific branch of this tech has "upgraded" which means that every interface in the world that uses that tech also now needs to upgrade to see the benefits? And best case scenario for when this migration is fully complete: looks like Etherum is 20% or so of the crypto market share. So, a drop in the bucket. A for effort, Etherium, you tried I guess.
-
20% sounds significant
-
How many decades will it take for every piece of tech that comprises that 20% to make the upgrade? And in the meantime, what about the other 80% of this market?
-
Well most of the projects probably won't be around in the next 2 years anyway.
-
-
-
-
That's obviously objectively pretty great. I retract 20% snark. Do you know about any similar moves being made with Bitcoin? If something like this happened for the major player in the market I would be a lot less hostile to cryptocurrency as a general concept.
-
-
Well that's just great then
-
-
-
-
"The merge will reduce worldwide electricity consumption by 0.2%"
https://twitter.com/VitalikButerin/status/1570299062800510976
eh, it's something I guess. -
-
I wish ADA could have the same sort of success with their upgrades, it's been rocky lately.
-
-
-
Graphics cards for everyone! Seriously this merge is going to kill most mining, at least the mining that hasn't already died since the crypto crash.
-
[deleted]
-
-
I'm curious how BTC will fare over the next year in response to this
-
-
No bullshit. Proof of work aka mining is now irrelevant.
-
It's pretty basic math... if an operation took X cycles to compute before and now it takes Y cycles, the delta is your cost savings.... it's not really a thing you can have an opinion on
-
-
Having a permanently cynical attitude isn’t the answer though
-
-
-
[deleted]
-
-
Happy Merge Day to you, Cloud of Darkness.
-
-
