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Bitcoin Price: $26,497
0.24%
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All-Time High: $69,045.00
61.63%
- 24h High / 24h Low: $26,754 / $26,252
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Market Cap: $513,855,556,538 0.27%
- 24h Volume: $10,359,248,049
Merge successful: Ethereum moved from PoW to PoS
- September 15, 2022
- Ethereum Merge
Source: Ethereum Foundation
A historic event – Ethereum’s merge was successful. On September 15, the original Ethereum Mainnet merged with the separate proof-of-stake Ethereum Beacon Chain. With this, Ethereum has finally now moved from proof-of-work (PoW) to the more energy-efficient proof-of-stake (PoS) consensus mechanism.
Merge successful: PoS activated
Ethereum is now officially a proof-of-stake blockchain. After several test network merges, the long-awaited mainnet merge went smoothly. Ethereum co-founder Vitalik Buterin celebrated the success via Twitter:
2*/... Source:https://t.co/YviPAOQ6F7
— BTCATH (@btcathcom) September 15, 2022
Towards a greener future: Energy consumption significantly reduced
Ethereum has now taken a historic step towards achieving its goal of becoming greener and more energy efficient. According to the Ethereum website, the merge reduced Ethereum’s energy consumption by approximately 99.95%. The switch to proof-of-stake is even expected to have an effect on global energy consumption, reducing it by 0.2%.Â
Next steps: Making Ethereum more scalable
After the successful transition to proof-of-stake, a further series of scalability and security upgrades is planned. So-called “shard chains” will make Ethereum more scalable and increase the transaction volume and speed:
Sharding is a multi-phase upgrade to improve Ethereum’s scalability and capacity. Sharding provides secure distribution of data storage requirements, enabling rollups to be even cheaper, and making nodes easier to operate. They enable layer 2 solutions to offer low transaction fees while leveraging the security of Ethereum.
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Disclaimer
This article does not provide investment advice. Historical cryptocurrency data is not a guarantee of future market developments. The author may hold several of the cryptocurrencies mentioned in this article.
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