Ethereum has finally completed the anticipated” Merge” today, with the Ethereum blockchain officially moving from a proof-of-work (POW) to the proof-of-stake(POS) model which requires validators(users) to stale tokens in order to get the chance to approve transactions and earn a reward. The POS is believed to make Ethereum more secure and scalable.
The crypto currency’s co-founder Vitalik Buterin mentioned the completion of the Merge via his Twitter handle.
He added that the upgrade will “reduce worldwide electricity consumption by 0.2%”. This will change its technology to cut carbon emissions by more than 99.9%.
The Merge refers to the security system that underpins the Ethereum blockchain. After the change, the energy consumption by the Ethereum network will be reduced by 99.95%. compared to the 8.5GW to less than 85MW. The reduction of course is the result of the (POS).
Although the Ethereum price remains unchanged thus there might be the possibility of the price going up subsequently.
It appears the crypto community is excited about the latest development.
