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- After a lot of trials, Ethereum successfully completed “The Merge.”
- Users have already started to buy the first non-fungible tokens (NFTs) on Ethereum’s Proof-of-Stake (PoS) platform.
- One of the users bought 36 ETH worth $60k on Ethereum after the merge.
- The users of ETH are hoping that “the merge” launch will have a positive impact on the crypto asset price.
- A lot of changes have occurred in transactions since the new transition of Ethereum to Proof-of-Stake (PoS). The user shared his transaction block number 15537394 on social media.
Finally, the most awaited event was launched grandly without any failures. The idea of a merge in 2014 was successfully completed in 2022 with a lot of effort. The transition from Proof-of-Work to Proof-of-Stake was completed with a lot of terminal difficulties 58750000000000000000000. Currently, ETH is trading for about $1,606 (USD) and the market capitalization is about $194 billion (USD).
Vitalik Buterin, the co-founder of Ethereum, congratulated every developer who took part in the major creation. He said that today was an auspicious day for the Ethereum ecosystem. The merge is one of the most awaited events in the crypto industry and was finally launched at 06:43 UTC.
Because the transition was unfamiliar to the users, it will take some time for them to adjust to the new crypto industry. Now the users have to depend on the ETH stake to make safe and secure transactions. The updated version of Ethereum makes the users depend on validators rather than miners for safe transactions. The Ethereum PoW (ETHW) officially tweeted that it is going to launch the Proof-of-Work fork after the merge. And the Proof-of-Work will be useful for checking the safe transactions of users.
The developers of the merge estimated there is a 99% carbon reduction by using Proof-of-Stake. However, the merge resulted in no changes in CO2 reduction. The new form of Ethereum changed the consensus algorithm, but it didn’t increase the capacity of the network. It may lead to showing there are no traces of any change in the reduction of gas.
Before the transition of Ethereum to PoS, the last Ethereum block was mined by using single-mint non-fungible tokens (NFTs) at a cost of $50,000 (USD) by the team of Vanity Blocks. According to the reports, the utilization of Bitcoin and Ethereum will be constantly increasing.
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.
