Breaking: Historic Day for Crypto as Ethereum Proof-of-Stake Merger Happens

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The Ethereum merger has officially taken place, marking the network’s full transition to proof-of-stake (PoS).

Le 15 septembre à 06:42:42 UTC au bloc 15537393, la fusion tant attendue a vu la fusion de la couche d’exécution du réseau principal Ethereum et de la couche consensus de la chaîne Beacon à la difficulté totale du terminal de 58750000000000000000000, which means that the network will no longer depend on a proof-of-work (PoW) consensus mechanism.

Ethereum (ETH) price is getting a slight pump after the hourly metrics merge, currently trading at around $1,635, according to data from TradingView.

The Ethereum Foundation said the merger will make the Ethereum network about 99.95% more energy efficient and pave the way for future scaling solutions, including sharding.

Ethereum co-founder Vitalik Buterin celebrated the merger with a tweet moments after the historic transition:

Speaking to Cointelegraph, StarkWare Chairman and Co-Founder Eli Ben-Sasson said the “immediate significance of the merger is the dramatic effect on energy consumption.”

Ben-Sasson said it also marks “the first step in a process that will lead to extremely widespread adoption of Ethereum,” stating:

“It sets off a chain reaction of changes. The end result will be the very wide use of Ethereum’s computing power and the general population using blockchain-based applications in many areas of life.

The merger is the result of several years of hard work by the Ethereum Foundation.

Companies that issue Ethereum-based exchange-traded products (ETPs) have been busy making their own adjustments about the merger. Bradley Duke, CEO of European crypto ETP issuer ETC Group, told Cointelegraph that the company has prepared a “forked version” of its ETH-based ETP in case there is strong support for a PoW fork after the merger.

“If enough people get behind a fork for whatever reason, we think the free market will decide what should live and what shouldn’t,” Duke added.

Related: It’s on! Where to Catch Ethereum Merge Live

After the merger is complete, “Surge,” “Verge,” “Purge,” and “Splurge” are the last remaining steps on Ethereum’s technical roadmap.

The Surge will increase stack scalability through sharding, the Verge will achieve statelessness through Verkle trees, the Purge will eliminate historical data and technical debt, and the Splurge will involve a number of miscellaneous small upgrades.

One of the biggest transitions in blockchain history did not go unopposed. ETHW Core, a group representing proof-of-work miners, has announced that it will perform a hard fork within 24 hours of the merger.

Renowned designer Beeple celebrated the merger with a sci-fi illustration:

The Ethereum merger officially took place at block 15537393 at 06:42:42 UTC on Thursday, moving the network from PoW to PoS.