After the merger is completed, the Ethereum Blockchain will move to proof of stake – Featured Bitcoin News

The Ethereum blockchain has officially transitioned to a proof-of-stake (PoS) consensus mechanism as the expected “merger” finally occurred at block height 15537391 on September 15th. Vitalik Buterin, co-founder of the protocol, described the integration as “big time”. Ethereum Ecosystem”

ETH will merge on September 15 as predicted

After months of waiting and stress, The Merge — the Ethereum blockchain’s long-awaited migration to a proof-of-stake (PoS) consensus strategy — happened. As some space players, including Vitalik Buterin, one of the protocol’s founders, had hoped, the merger took place on September 15, 15537391 at block height at 2:42:42 AM.

Buterin in his response following the merger He tweeted.:

And we are done! Happy integration everyone. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merger happen should be very proud today.

In terms of network hashrate, data shows that it has dropped from 807 TH/s (Tarahas per second) 24 hours ago to below 750 TH/s minutes after the event. Compared to the week before the migration, the hash rate doesn’t seem to be there. Down to 50% As predicted.

While Ethereum stopped being proof-of-work (PoW) immediately after the merger, not all miners went along with the decision to migrate. As previously reported by news, miners opposing The Merge are expected to continue mining other assets such as ETHW as well as PoW alternatives.

Once the merger is complete, the Ethereum Blockchain will transition to Proof of Stake.

According to Coinmarketcap data, at the time of the merger, the US dollar ETHW IOU rose to more than $60 in a short period of time. However, by the time of writing, the price had dropped to $43.

What are your thoughts on the Ethereum blockchain’s migration to a PoS consensus mechanism? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is an award-winning Zimbabwean journalist, writer and author. He has written extensively about the economic woes of some African countries and how digital currencies offer Africans an escape route.

Image credits: Shutterstock, Pixabay, Wiki Commons

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