The “merger” – the long-awaited Ethereum blockchain upgrade – finally completed on September 15, marking a historic milestone in the blockchain and crypto industries. Vitalik Buterin, the co-founder of Ethereum announced the launch of the merger on Twitter, calling it a “big moment” for the Ethereum ecosystem. Essentially, the Ethereum blockchain has now transitioned to an energy-efficient “proof-of-stake (POS)” mining model from its energy-intensive “proof-of-work (POW)” mining model. This upgrade reduced the power consumption of the Ethereum blockchain by 99.95%.
The developers who worked on this Merge upgrade believe that this redesign will make the Ethereum network, which is the most marketed and manages billions of dollars in transactions and holdings, more scalable and secure.
“And we finalized!” Buterin wrote in his Twitter post.
And we are done!
Happy merging everyone. This is a great moment for the Ethereum ecosystem. Everyone who helped make the merger happen should be very proud today.
— vitalik.eth (@VitalikButerin) September 15, 2022
Binance CEO Changpeng Zhao was among several other members of the blockchain community to welcome Ethereum’s Merge upgrade.
Successful merger. POS enabled.
We are all still here.
— CZ:large_orange_diamond: Binance (@cz_binance) September 15, 2022
Truly an incredible feat of technology – congratulations to the Ethereum community on the merger!
— Brad Garlinghouse (@bgarlinghouse) September 15, 2022
The process of recoding Ethereum into the POS model was long, filled with several technical hurdles which caused several delays in the launch of Merge.
Blockchain projects and businesses that depend on Ethereum now have to choose whether their operations would run solely on the Merge upgrade or run this efficient version with the power-intensive previous one.
OpenSea, Tether and Circle Pay – the issuer of USD Coin – have already committed to relying only on the Merge version of Ethereum in the future.
Recently, a report from DappRadar alerted the crypto community to put their Ethereum-related affairs in order, as stablecoins and transactions backed by the Ethereum blockchain could encounter issues.
Meanwhile, bug bounty payouts for Ethereum can now reach $1 million (roughly Rs. 8 crore), blockchain developers said in a recent update, encouraging software developers to keep an eye about the potential risks around the newly launched update. .