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After a lot of efforts by Ethereum, it successfully completed the most awaited event, “The Merge.” Today the event was launched with Ethereum community developers, including 40,000 users who are live streamed on online platforms. At the time of the merge, cyber attackers targeted the users of the platform with malicious links to steal funds from them.
The co-founder of Ethereum, Vitalik Buterin, has wanted to transit Ethereum from Proof-of-Work to Proof-of-Stake for a long time. He even discussed in many interviews that he wants to give a new version of Ethereum, i.e., Ethereum 2.0.
Buterin congratulated the developers who were the main part of the merge. He said this day will be noted as a big day for the Ethereum ecosystem. The transition from Proof-of-Work to Proof-of-Stake happened with a lot of terminal difficulty 58750000000000000000000.
The new introduction of Proof-of-Stake to Ethereum brought a lot of changes to the platform. Now the users have to rely on the ETH stake to make the transaction networks secure. The transition will make a profit for the company as the consumption of energy and usage of miners’ numbers are also decreased. And some of the Proof-of-Work users came together to create an identical version of the network with the support of EthereumPoW.
The Proof-of-Work stated that it is going to be live streamed for the ether (ETH) holders in the coming 24 hours. And the EthereumPoW (ETHW) stated that it is going to release a Proof-of-Work fork on this special day. Ethereum started to use Proof-of-Work to check the transactions of its customers.
After the merge, one of the users from Ethereum bought 32 ETH worth $60K on the platform. The users are trying to adopt this new launch, and they started trading in the new innovation of Ethereum 2.0. Currently, ether (ETH) is trading at about $1,606 (USD) and the market capitalization is at about $194 billion (USD).
The ultimate aim of introducing the new version of Ethereum is to reduce the high rate of electricity consumption. Normally, Proof-of-Work utilizes 112 terawatt-hours of electricity per year, which results in fifty-three tonnes of CO2 production. Whether the developers estimate the Proof-of-Stake will reduce CO2 production by 99% is not known.
One of the best ways to stake on ETH is via liquid staking protocols. Stake on Lido, Rocketpool, Coinbase, and Binance are some of the best places to stake on Ethereum.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
