Compared to the proof-of-work system, the Ethereum proof-of-stake consensus mechanism will drastically reduce energy consumption by 99.95%.
The network has officially switched over to proof-of-stake due to the Merger of ETH (PoS). The long-awaited Merge took place on September 15 at 06:42:42 UTC at block 15537393, merging the Beacon Chain’s consensus layer and the Ethereum mainnet execution layer at the Terminal Total Difficulty of 58750000000000000000000, which means the system will no longer rely on a proof-of-work (PoW) consensus mechanism.
Following the Merge, hourly indicators for ETH show a modest increase, with the price currently hovering around $1,635, according to data from TradingView.
According to the Ethereum Foundation, the Merge will increase the energy efficiency of the Ethereum network by 99.95% and pave the way for sharding and other potential scaling solutions in the future.
Breaking News As Ethereum Merge To PoS Happens:
The firm Foundation has worked diligently for many years to bring about The Merge. Businesses that issue exchange-traded products (ETPs) based on Ethereum have been quite active in making their modifications regarding the Merge. According to Bradley Duke, CEO of the European cryptocurrency ETP issuer ETC Group, if there is considerable support for a PoW fork following the Merge, the company has created a “forked version” of their ETH-based ETP.
The “Surge,” “Verge,” “Purge,” and “Splurge” are the last steps on the Ethereum technical roadmap once the “Merge” is finished.
The Verge will accomplish statelessness with Merkle trees, the Purge will get rid of old data and technological debt, and the Splurge will involve several minor, random changes. The Surge will increase rollups’ scalability through sharding.
There was resistance to one of the major changes in blockchain history. Within 24 hours following the Merge, ETHW Core, a group representing proof-of-work miners, will launch a hard fork.