Ethereum has completed its most significant change in history where the network has shifted from Proof-of-Work to Proof-of-Stake.
The long-awaited Ethereum Merge took place on September 15 at 06:42:42 UTC at block 15537393, this means that the network will no longer rely on a proof-of-work (PoW) consensus mechanism.
Vitalik Buterin adopted a modified version of Nakamoto’s plan when launching Ethereum in 2015. The move has been many years in the making by the Ethereum Foundation. The Founder expressed on Twitter “This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.”
According to experts, this step could reduce energy use by 99% and will lead to exceedingly widespread adoption of Ethereum.
Buterin says the intention, is to reduce energy use by 99.5%. This vital occurrence in crypto history has seen Ethereum inch a step closer to achieving the full scale, security, and sustainability plan outlined in its initial vision.
The Merge, according to Ethereum’s creator, will serve as the starting point for a number of upcoming improvements that will enable the network to support a significantly higher volume of transactions in the years to come.
The currently operational beacon chain has been combined with the current Ethereum mainnet chain, maintaining the network’s history and functionality but, most importantly, switching the consensus algorithm so the Merge did not erase any history.
The complete transactional history of Ethereum was integrated when Mainnet and the Beacon Chain converged. The switch to proof-of-stake did not replace proof-of-work; rather, it preserved and unchanged the entirety of Ethereum’s past from its creation. Users still have access to any funds they had in their wallets before.
Up Next: Malta Week 2022
After the successful completion of the AIBC Toronto and Dubai Summits, SiGMA Group is working diligently on this year’s edition of Malta Week. From the 14th to the 18th of November, the company’s most prominent brands will be brought together under one roof for the AIBC Europe Summit, the premier networking opportunity of the year. The Summit at MFCC Ta’Qali is a stellar expression of European innovation in the Gaming, Esports and Emerging Tech sectors, featuring numerous panels and conferences by leading experts. Interested in joining our long list of speakers, exhibitors or sponsors? Please contact Sophie to reserve your spot, or visit our website for more information.