Updated · Sep 26, 2022
Ethereum’s Software Upgrade has Gone Live
Updated · Sep 15, 2022
The long-awaited shift to a proof-of-stake (PoS) mechanism has now taken effect in what many believe will drastically reduce energy usage.
Ethereum on Proof-of-Stake
The Merge, the much-anticipated Ethereum event, has gone live today. Vitalik Buterin, the co-founder of the second-largest cryptocurrency, announced its finalization in a tweet on Thursday morning.
And we finalized!— vitalik.eth (@VitalikButerin) September 15, 2022
Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
The event was marked by the successful merging of the Beacon Chain’s consensus layer and the Ethereum Mainnet execution layer at 6:42 UTC at block 15537393. Going forward, the Ethereum network will no longer work on the proof-of-work (PoW) consensus mechanism.
The new era for Ethereum has suffered several years of postponements. Last month, the network completed its final dress rehearsal, clearing the way for the final merge.
The Ethereum blockchain, essential for decentralized finance and NFTs, has endured criticism over the massive energy wasted in mining. According to the Ethereum Foundation, the upgrade will increase the network’s efficiency by as much as 99.95%. Justin Drake, a researcher at the foundation, says it will reduce worldwide electricity consumption by 0.2%.
The major difference comes from replacing miners with validators. The latter will not require the expensive, energy-consuming computer equipment necessary for mining. Instead, they will stake some ether and verify transactions to mint new tokens.
Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.
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