Vitalik Buterin, co-founder of Ethereum (ETH), joined the “Ethereum Merge Viewing Party”, a livestream hosted at the Ethereum Foundation to share his final thoughts as the clock ticked down to the end of the big Ethereum Merge.
Buterin replied that he was “absolutely excited” to be leaving the proof-of work era.
Co-founder said that the transition from proof-of work (PoW), to proof-of stake (PoS), was on the agenda for many years.
“[It] was clearly a dream for Ethereum ecosystem from the very beginning. That blog post on Slosher was the first to start proof-of-stake research back in January 2014.
According to Buterin, the Merge can be described as rewriting the laws of physics. PoW uses real-world functionalities like electricity, hardware, and computers. PoS is a virtualized version of PoW, which allows us to create a simulation universe with its own laws.
Buterin stated that the main motivators for switching to the Merge were the high cost of electricity and large amounts of energy consumption. The Merge is expected to dramatically reduce energy consumption by 99.95%
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He also said that this would be beneficial for the environment, which is a hot topic with environmentalists regarding crypto space, as well as for “non-environmental extraities,” such as the GPU price rise due to ETH mining.
The Merge took place shortly after Vitalik’s livestream spotlight. It was at block 15537393 at 06:42.42 UTC. The merging of the Ethereum mainnet execution layer and the Beacon Chain’s consensus layer took place at the Terminal Total Difficulty of 58750000000000000000000. The Merge means that the network is no longer dependent on a PoW consensus mechanism.
Buterin congratulated all the community members and inaugurated the next era in Ethereum via Twitter
We are done! All of you, happy merging. This is a significant moment for Ethereum. Everyone involved in the merger should be proud of their contribution.
— vitalik.eth (@VitalikButerin) September 15, 2022
Developers and users can now scale the network in new ways that are not feasible or unsustainable in the past thanks to these optimizations. This is a significant step towards accelerating the mass adoption decentralized technologies and boarding the next billion to the ecosystem.