{"id":36023,"date":"2022-09-15T04:36:04","date_gmt":"2022-09-15T08:36:04","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=36023"},"modified":"2022-09-15T04:36:07","modified_gmt":"2022-09-15T08:36:07","slug":"momentous-day-for-crypto-as-ethereum-merge-officially-takes-place","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/momentous-day-for-crypto-as-ethereum-merge-officially-takes-place\/","title":{"rendered":"Momentous day for crypto as Ethereum merge officially takes place"},"content":{"rendered":"\n
The Ethereum network has officially switched over to proof-of-stake as a result of the Ethereum Merge (PoS).<\/h5>\n\n\n\n
\"Momentous
Momentous day for crypto as Ethereum merge officially takes place<\/figcaption><\/figure>\n\n\n\n

When compared to the proof-of-work system, the Ethereum merge\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> proof-of-stake consensus mechanism will drastically reduce energy consumption by 99.95%.<\/p>\n\n\n\n

The Beacon Chain's consensus layer and the Ethereum Mainnet execution layer were merged on September 15 at 06:42:42 UTC at block 15537393, resulting in the long-awaited Merge. As a result, the network will no longer rely on a proof-of-work consensus method.<\/p>\n\n\n\n

According to the Ethereum Foundation, it will increase the energy efficiency of the Ethereum network<\/a> by 99.95% and pave the way for sharding and other potential scaling solutions in the future.<\/p>\n\n\n\n

Eli Ben-Sasson, the president and co-founder of StarkWare, that \u201cthe immediate importance of the Merge is the dramatic effect on energy consumption.\u201d<\/p>\n\n\n\n

Ben-Sasson claimed it also represents \u201cthe first step in a process that will lead to exceedingly widespread adoption of Ethereum,\u201d stating:<\/p>\n\n\n\n

\u201cIt starts a chain reaction of changes. The end result will be the very broad use of Ethereum\u2019s computing power, and the general population using blockchain-based apps in many different areas of life.\u201d<\/p><\/blockquote>\n\n\n\n

The Ethereum Foundation<\/a> has worked diligently for many years in order to bring about The Merger.<\/p>\n\n\n\n

\n

.@VitalikButerin<\/use><\/svg><\/span><\/a> claims that #Ethereum<\/use><\/svg><\/span><\/a> will be able to to process "100,000 transactions per second", following the completion of 5 key phases:

\u2022 The Merge
\u2022 The Surge
\u2022 The Verge
\u2022 The Purge
\u2022 The Splurge

A quick breakdown of what each stage means for $ETH<\/use><\/svg><\/span><\/a>. \ud83d\udc47 pic.twitter.com\/FnaWww8mHZ<\/use><\/svg><\/span><\/a><\/p>— Miles Deutscher (@milesdeutscher) July 22, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

The “Surge,” “Verge,” “Purge,” and “Splurge” are the last steps on the Ethereum technical roadmap once the “Merge”<\/a> is finished.<\/p>\n\n\n\n

The Purge will get rid of old data and technical debt, the Surge will increase scalability for rollups through sharding, the Verge will accomplish statelessness with Verkle trees, and the Splurge will involve a variety of modest random improvements.<\/p>\n\n\n\n

Renowned artist Beeple created a futuristic artwork to commemorate the Merge:<\/p>\n\n\n\n

\n

THE MERGE pic.twitter.com\/7tdfNZiuuv<\/use><\/svg><\/span><\/a><\/p>— beeple (@beeple) September 15, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

On September 15 at 06:42:42 UTC, the Merge became effective, switching the network from proof-of-work to proof-of-stake.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Ethereum network has officially switched over to proof-of-stake as a result of the Ethereum Merge (PoS). When compared to the proof-of-work system, the Ethereum merge proof-of-stake consensus mechanism will drastically reduce energy consumption by 99.95%. The Beacon Chain’s consensus layer and the Ethereum Mainnet execution layer were merged on September 15 at 06:42:42 UTC […]<\/p>\n","protected":false},"author":38,"featured_media":36027,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,23],"tags":[132,128,11044,9728],"class_list":["post-36023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-ethereum-news","tag-crypto","tag-ethereum","tag-pos-2","tag-the-merge-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/09\/gettyimages-1241390930.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/36023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=36023"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/36023\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/36027"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=36023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=36023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=36023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}