“The Merge” took place on 15 September, the transition from proof of work to proof of stake of Ethereum. The switch has taken place smoothly and should enable the blockchain use less energy to validate transactions.
The merger took place for Ethereum
” And we’re done! It is a great time for the Ethereum ecosystem. Everyone who contributed to the success of “The Merge” can feel very proud today Welcomed Vitalik Buterin, the co-founder of Ethereum this Thursday morning on Twitter.
The EU confirms an antitrust fine of € 4 billion against Google and Android
And we have finalized!
Happy unite all. This is a great time for the Ethereum ecosystem. Everyone who helped bring about the merger should feel very proud today.
– vitalik.eth (@VitalikButerin) September 15, 2022
The transition from proof-of-work to proof-of-stake is foreseen for some years now. Proof of work, or “proof of work” in English, is based on the use of a huge amount of energy used by cryptocurrency miners’ computers to solve complex equations to add an extra block to the blockchain.
Proof of mail, or “proof of mail”, it does not require the involvement of minors. Instead she randomly draw a blockchain user among those who have a large amount of cryptocurrencies. On Ethereum, the latter it will use part of its Ethers to verify the transaction e will receive compensation in exchange.
This transformation started in December 2020 with the creation of the Headlight chain, a proof-of-work blockchain developed by Ethereum engineers. Almost two years later, on September 6, 2022, it began the “Bellatrix” update. to launch “The Merge”, the French fusion. This is when the two blockchains will come together to form a single entity.
On September 15th at 8:42 am, 9 days later, the network Beacon Chain has joined the Ethereum mainnet which now uses the proof-of-stake mechanism.
The door to a greener cryptocurrency is open
This change marks an important turning point in the ecological transition of Ethereum and general blockchain technologies. The move to proof-of-stake should reduce the energy consumption of the blockchain 99.95%. By separating from the proof of work, the network will go from an annual electricity consumption of 23 million at 2,600 megawatt hours. A welcome initiative as the world prepares to face a moment of energy crisis.
The success of “The Merge” proved that it was possible for blockchains to change the verification mechanism. However, if the merger seems to have run into no problems and the market seems stable, some experts expressed some reservations. Alex de Vries, a researcher behind Digiconomist, a site that tracks the energy expenditure of Bitcoin and Ethereum, explains to The border That ” the total amount of energy saved could be less than 99.95% if part of the Ethereum proof-of-work network survives and continues to support mining activities “.
Meanwhile, all eyes are on in bitcoin of which annual electricity consumption exceeds that of Kazakhstan. Some companies like Tesla had accepted bitcoin as a means of payment before withdrawing citing ecological reasons.