- Most anticipated event on Ethereum, The Merge, is live.
- This event has shifted the consensus algorithm of the blockchain from PoW to PoS.
- The Merge will significantly reduce the power consumption for mining operations.
Welcome to The World
The day everyone in the crypto sphere was waiting for is finally here. Most anticipated event on the Ethereum blockchain, Ethereum blockchain is finally integrated with the Proof-of -Stake “empty chain,” the Beacon Chain. The integration has reached the terminal difficulty of 58750000000000000000000.
People can witness this historic shift on various platforms in real time. The Merge Viewing Party is set up by the Ethereum Foundation on YouTube. Content Creators from Bankless and The Daily Gwei, and Ethereum Cat Herders are scheduled to appear during the live stream. Vitalik Buterin and Anthony Sassano may appear in the video according to the description.
Users who want to track the real time activity for the event can visit Blockchain(dot)com, Wenmerge(dot)com, Google, Bordel(dot)wtf. The Merge is believed to reduce the energy usage substantially. Until now, the blockchain was using the proof-of-work consensus algorithm.
This event may influence other blockchains operating on the PoW mechanism to shift to the PoS algorithm. This will help the miners across the globe to get a fair opportunity to receive rewards from mining the blocks. Usually, it was the highest bidder in the arena until now who was chosen to mine the block, meanwhile, other miners who did not have access to advanced equipment for mining, are left behind.
Many people around the globe think that PoW-based crypto assets are hazardous for the environment. The carbon emissions from mining operations contribute greatly to the greenhouse effects. This leads to Global Warming and depletion of the ozone layer.
Source: https://www.thecoinrepublic.com/2022/09/16/kudos-to-ethereum-devs-the-merge-is-successful/