Techspace - Ethereum's big day has come. Yesterday on September 15 02:45 a.m. EST, Ethereum started its consensus upgrade, from Proof-of-Work (PoW) to Proof-of-Stake (PoS). This is the biggest event made by the blockchain in five years since it has been established. People are lining up to try the new transformation.
The transition was a huge success, without any hitch on the blockchain. After this merge is fully commanded, it means that Ethereum will forever use PoS as the consensus mechanism. Prior to the PoW mechanism, Ethereum needed to take a lot of energy and gas fees in order to proceed the mining process. PoW is a mechanism that makes people who are minting on Ethereum should be able to solve a difficult-level puzzle created by a computer system to get their crypto assets minted in the blockchain.
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However, with the new consensus mechanism, Ethereum can help their users to mint in the blockchain faster, more scalable, and at a high-level of eco-friendly. It’s different with PoW mechanisms because PoS is made by individuals or organizations that provide big amounts of pre-existing ETH.
The transition process started from the “terminal total difficulty” (TTD) which got struck by Ethereum’s mainnet. Then the minting process starts to be impossible, the consensus starts its transition from PoW to PoS.
It took 12 minutes to proceed with the consensus mechanism upgrade. Crypto community all around the world are watching fenomenal event along with the Ethereum’s core developers, focusing on the event anxiously in case there is something unexpected in this upgrade.
In 12 minutes of upgrade time, Ethereum successfully upgraded to PoS without any problem. Actually there is one missed block to be verified in the upgrade process. Luckily, the block was successfully verified after 12 minutes 48 seconds with two epoch (periods of 32 slots each). And finally The Merge has come to the end, gaining success on its upgrade.
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Within the upgrade time, some cryptocurrencies exchange firms paused its ETH-related exchange transaction, such as Binance, FTX, Coinbase, and Kraken. But the exchange transaction was opened shortly after The Merge upgrade was successful.
The Merge which took a long time to be executed is now end- made everyone celebrating the new journey of Ethereum after their years of hard work.
And we finalized!— vitalik.eth (@VitalikButerin) September 15, 2022
Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
Ethereum as the second biggest blockchain in Web 3.0 holds many networks worth tens of billions dollars, containing digital assets, apps, and decentralized finance (DeFi). This big upgrade surely brings goosebumps and anxiety to every stakeholder that uses Ethereum’s network for their products. Since the merge didn’t bring any change to those firms, it means that Ethereum is successfully transformed with a clean way.