Merger Mania: Crypto community goes gaga after Ethereum completes the 'Merge'

economictimes.indiatimes.com:

crypto world's most ambitious software upgrade, Ethereum completed a key revamp of its blockchain network-- the Merge. The second-largest crypto token has now moved to the proof-of-stake (PoS) mechanism from Proof-of-Work (PoW). This is the first instance when an existing and running blockchain has made such a move. Following this, Ethereum's energy consumption will drastically drop by 99.9 per cent. Ethereum developers say the upgrade will make the network – which houses a $60 billion ecosystem of crypto exchanges, lending companies, non-fungible token (NFT) marketplaces and other apps – more secure and scalable. Following the merge, there was immediate price action in Ethereum as the token was hovering around $1,600 levels, seesawing between red and green.

Did you Know?

From tracking sustainability of products to monitoring pollution, environmental researchers are now finding blockchain’s use in solving the climate crisis.

The crypto community and platforms have cheered this one-of-a-kind feat, which took roughly about 15 long minutes to be declared a success. Here's what the crypto world has to say about this mega-event:Ashish Singhal, Co-founder and CEO, CoinSwitchThe Merge’s success is a historic moment in the world of crypto. It is a great example of technology fixing technology’s drawbacks. The energy consumption on blockchains has been a significant concern globally since the emergence of DeFi solutions and their greater adoption. Some countries even considered knee-jerk reactions to outlaw the mechanism behind the technology in the interest of sustainability. Ethereum’s transition to a greener and energy-efficient blockchain will, in the long term, be beneficial for the adoption of the technology