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- The most anticipated update on Ethereum blockchain happened a few hours back.
- The blockchain has shifted its Proof-of-Work algorithm to Proof-of-Stake mechanism.
- Two a16z creative thinkers have created “Proof of Merge” NFTs.
Proof of “You Were There”
Ethereum Merge is the talk of the town today as it went live just a few hours back. After so many delays, the biggest event has come to reality. Now the events associated with the update have started surfacing the Internet. Recently, a couple of creative thinkers at a16z, Mason Hall and Michael Blau, have created an NFT collection dubbed Proof of Merge.
The digital collectible is an animation representing The Merge. It goes through three phases: First phase shows a couple of separate circles, followed by half merged circles, and finally they combine to make a complete circle giving rise to a post Merge yin-and-yang sign. The NFT is proof for the holders that they were there when the historic shift happened on Ethereum.
The creators of the collections stated that the move resembles Ethereum’s Black Panda meme. If you have watched Dragon Ball Z, you would immediately understand what it represents. Basically, the Black Panda (Execution Layer) and White Bear (Consensus Layer) go through a fusion to create a new powerful Black and White Panda Bear (Post Merge Ethereum).
Now that The Merge is here, we will see whether it reaches up to the mark it promised. It is believed that this historic shift will reduce the carbon emissions from the mining operations of the blockchain by over 99%. Ethereum blockchain used PoW consensus algorithm which required the miners to use advanced equipment that consumes a plethora of energy.
The Merge has shifted its operations to Ethereum’s Beacon Chain, a Proof-of-Stake ecosystem, which was an “empty chain” pre-merge due to zero activity. The event is important for the cryptocurrency miners as it will offer an equal opportunity to receive mining rewards. It will kick-out the concept of “the highest bidder” used by the Proof-of-Work blockchains.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
