Ethereum successfully changes to Proof-of-Stake
It has been talked about for five years , delayed a few times and had tons of people skeptical but Ethereum has finally made the change to Proof-Of-Stake with its successful Merge which happened at 2:35 am Eastern Standard Time.
The merge went off without a hitch during the historic event that was anticipated by the crypto community, changing how Ethereum is created and validated during transactions. Ethereum will no longer be generated using an energy-intensive process such as mining.
Ethereum will instead be generated by individuals and entities pledging large amounts of already existing ETH.The transition will create an Ethereum that is more scalable , and environmentally friendly.
Ethereum’s merge was triggered by a “terminal total difficulty” that was reached on the blockchain. This was a predetermined point in which mining ETH become impossible.
The merge lasted a anxiety-filled 12 minutes and as each minute passed the hope of the community grew. The process completed at 12 minutes and 48 seconds reaching finality and the benchmark of the merge was complete.
During the time of the merge major CEX such as Binance, FTX, Coinbase and Kraken all paused trading of Ethereum temporarily.
There was celebration and joy from the developers at they rejoiced at the culmination of years of rigorous testing and preparation. Some developers were extremely emotional and excited.
Some have compared this change to changing the engine of a train while its speeding along the tracks. Ethereum is home to assets worth billions of dollars , apps, and DeFi systems and currently none of them appear to have been affected by the change, there was as light drop in the price of Ethereum after the merge however.