The Ethereum Merge is finalized
The anticipated transition of the Ethereum blockchain from Proof-of-Work to Proof-of-Stake culminated in the Merge on September 15, 2022, at 6:42 AM UTC. This pivotal moment has been keenly awaited by crypto enthusiasts everywhere.
Despite the bomb-related delays Earlier this summer, the Merge proceeded seamlessly, with the entire event broadcast live. Remarkably, the combination of the consensus and execution layers was showcased during a YouTube stream, attracting over 41,000 viewers. Following this momentous Ethereum Merge, the first Proof-of-Stake block was created, with a mystery user shelling out 36 ETH (around $57,600 at that time) to mint an NFT of a panda—symbolizing the Merge.
Regarded as one of the most crucial technological advancements in cryptocurrency history, the Ethereum Merge has been the brainchild of founder Vitalik Buterin, who first proposed the Proof-of-Stake transition back in 2014. It took about six years of development for Ethereum's engineers to actualize this change. The introduction of The Beacon Chain in 2020 was a vital step towards achieving the Merge.
"The Merge signifies our official transition to utilizing the Beacon Chain as the backbone for block production,\" explains Ethereum's representatives. \"Mining will no longer be employed to generate valid blocks. From now on, proof-of-stake validators will handle this task, ensuring all transactions’ validity and proposing blocks accordingly.\" site Post-Merge, the blockchain's energy consumption will plummet by an impressive 99.95%, transforming Ethereum into a significantly more eco-friendly platform than before. Both Ethereum and Bitcoin have faced criticism for the detrimental environmental impact associated with conventional mining operations.
As a side note, the emission of new ETH is projected to decline by at least 87%. Users can track the daily statistics of burned fees via available tools. Fortune Ethereum researcher Justin Drake notes that \"the Merge will effectively reduce global emissions by 0.2%.\" As of now, the supply reduction since the Merge totals 185.78 ETH. Daily Ether Burnt Chart .
It's worth mentioning that regular Ethereum users are unlikely to perceive any substantial changes. electricity consumption The Unseen Costs of NFTs: Addressing Environmental Challenges and Ecological Concerns
Ethereum has successfully transitioned its Ropsten Test Network to a proof-of-stake system.
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In line with the Trust Project guidelines With a Master's degree in Public Communications and currently pursuing a second Major in International Business Management, Valeria enjoys photography and fashion styling in her spare time. She launched her first fashion blog at age 13, nurturing her love for journalism and style.
