The Ethereum network has finally transitioned to the proof-of-stake consensus algorithm as of 2:45 AM EST. The moment has finally arrived as “The Merge,” after years of delays, is finally complete.
Without any hiccups, the network finally began its transition from proof-of-work to proof-of-stake. This historic feat was anticipated by the community for over five years. As the merge completes, the Ethereum network will completely change how transactions are validated.
Until now, ETH was generated by mining – an energy-eating process as thousands of computers consume high electricity to solve computing problems.
Ethereum is transitioned to proof-of-stake – the network is now faster, more scalable, and more environmentally friendly than ever. (99% more efficient than before)
When mining Ethereum’s mainnet reached “terminal total difficulty,” the predefined threshold at which it became almost impossible, the network automatically started switching to a proof-of-stake consensus method. This is what caused the event.
The developers and the community anxiously watched the network transition to the new consensus algorithm for 12 minutes.
Fortunately, the developers approved as the network missed only one block. After 12 minutes and 48 seconds, the developers validated the benchmark, and the merge succeeded.
Ethereum is home to more than 3500 decentralized apps; The Merge will transition all of them into a more efficient, less energy-consuming algorithm. This is a huge fleet in the world of technology and cryptocurrency as none of the assets seem to be affected by the merge.
Even though The Merge will not change the end user’s experience, the network is now faster than ever. Major crypto exchanges temporarily paused ETH and ETH-related tokens to avoid any hitches and hiccups in transactions. The core developers are celebrating the merge in style.
Transitioning to a network as big as Ethereum is no joke. It was like changing the engine of a rocket mid-flight.