Author: Elisa
Translation/Posting: langford
A historic event in the cryptocurrency, Ethereum Merge, officially started on September 15, 2022 at 6:43 am UTC or 2:43 am New York time. This historical move transitions the blockchain operation mode of Ethereum with “Proof of Work” as the consensus mechanism to “Proof of Stake”. Ethereum, the world’s second largest blockchain system, has entered a new historical stage.
Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
Goodbye, mining era!
The upgraded Ethereum will reduce energy consumption by about 99.9%. According to one statistic, this is the equivalent of Finland suddenly shutting down its power grid. According to a tweet by Ethereum founder Vitalik , the world’s energy consumption will be reduced by 0.2% thanks to the upgrade of Ethereum.
The Ethereum-based digital currency ecosystem has a market size of $60 billion, including cryptocurrency exchanges, lending companies, non-fungible token (NFT) markets, and other applications. The innovation of Ethereum smart contracts makes cryptocurrency based on blockchain technology more secure and more diverse.
The future of Ethereum
Launched in 2015, Ethereum expanded on the core concept of Bitcoin, using smart contracts as data records onto its network. This innovation is the fundamental element behind Decentralized Finance (#DeFi) and #NFTs – the main catalyst for the recent cryptocurrency boom. This major upgrade of Ethereum bids farewell to the traditional crypto mining era. This historic move leads to further innovation of blockchain technology.
