Digital Assets: Ethereum Completes “The Merge,” Transits To Proof-Of-Stake Consensus, Cuts Energy Use By ~99.95%
The Merge refers to the original Ethereum Mainnet merging with a separate ‘proof-of-stake’ blockchain called the Beacon Chain, now existing as one chain.
In an event described as historic in the digital assets space, the Ethereum blockchain has completed its “Merge” on September 15, 2022.
Here is an important clarification from ethereum.org:
“As a user or holder of ETH or any other digital asset on Ethereum, as well as non-node-operating stakers, you do not need to do anything with your funds or wallet to account for The Merge. ETH is just ETH. There is no such thing as “old ETH”/”new ETH” or “ETH1″/”ETH2” and wallets work exactly the same after The Merge as they did before—people telling you otherwise are likely scammers.”
“Any funds held in your wallet before The Merge will are still accessible after The Merge. No action is required to upgrade on your part,” says ethereum.org.
Furthermore, no history was lost in The Merge. As Mainnet merged with the Beacon Chain, it also merged the entire transactional history of Ethereum.
The long-anticipated revamp of the ethereum blockchain will eliminate mining and reduce its energy consumption by almost 99.95%, thus slashing its carbon footprint. (CNN Business)
“Mining is no longer the means of producing valid blocks. Instead, the proof-of-stake validators have adopted this role and are now responsible for processing the validity of all transactions and proposing blocks,” wrote ethereum.org.
Vitalik Buterin, the 28-year-old Russian-Canadian programmer who helped create Ethereum, exulted on Twitter:
“This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.”
Related Story: New, Post-Hard-Fork Ethereum ETP Launched By ETC
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