The Ethereum mesh , which powers the secondly largest cryptocurrency in the world , finish a long - planned upgrade known as “ The Merge ” other Thursday , displace from a test copy - of - body of work organization to a proof - of - post organisation . And nothing catastrophic has hap yet , despite mountain of sour predictions by an army of short - sellers .
“ And we finalized ! Happy merge all . This is a big moment for the Ethereum ecosystem . Everyone who aid make the merge happen should palpate very proud today , ” Ethereum co - laminitis Vitalik Buterin tweeted earlyThursday .
Ethereum ’s original trial impression - of - work organisation required estimator to work a guessing secret plan to validate transactions on the connection ( sometimes misleadingly described as solving a “ complex ” maths trouble ) , while proof - of - post grant substantiation of transactions through the use of ether that ’s put up for collateral through a Modern blockchain called Beacon Chain .
File photo of Ethereum co-founder Vitalik Buterin speaking at ETHDenver on 27 March 2025 in Denver, Colorado.Photo: Michael Ciaglo (Getty Images)
The proof - of - work organisation of “ excavation ” ether was incredibly energy intensive and cryptocurrencies that allow for mining of coins have come under ardour in recent years for consuming vim comparable to entire state . The move to substantiation - of - stake is expect to reduce energy consumption on the Ethereum internet by 99.95 % , harmonize to theEthereum Foundation . Even if crypto is a Ponzi Scheme , and there ’s evidence itreally is , at least it ’s a more environmentally friendly Ponzi Scheme these day .
light sellers have been reckon openhanded against ethyl ether in recent workweek , predicting that “ the Merge ” will cause security problem and weaken faith in the cryptocurrency . Some in the crypto biotic community spoke with absolute sure thing that something would go amiss .
“ It ’s very difficult for me to see how a fully function political platform with a market pileus of around $ 200 billion can essentially change the engine out in flight and not have some sort of security measures issue in all that complexity , ” Christopher Calicott , a crypto investor at Trammell Ventures , assure theWall Street Journalon the eve of the merge .
One important corollary of this is better EIP 1559 carrying into action ( because few blocks bump up against the 2x limit ) . So far , the percentage of full block has dropped from ~20 % to ~10%.https://t.co / qmCkqzYn2zhttps://t.co/8ZzlPunGEZ
— vitalik.eth ( @VitalikButerin)September 15 , 2022
The Ethereum Foundation offered a $ 1 million bounteousness for any bugs that could be establish between August 24 until September 8 before the Merge . The top bounty for “ vital ” bugs has returned to$250,000 .
But there are n’t any signs of anything dire happening under the hood , at least not yet . There ’s still batch of meter for cyberpunk to find failing to exploit , provided they exist . Hackers have antecedently exploit bugs to slip crypto , including roughly $ 625 million Charles Frederick Worth of cryptocurrency from the Ronin blockchain back in March that the FBI says was carried out byNorth Korea .
Ethereum is presently trading at $ 1,600 , largely unchanged from 24 hours before , but down 42 % from six months ago when ether was $ 2,800 . And if everything keeps extend to design , ether forgetful vendor could be in for quite theshort power play .
Bitcoin , the largest cryptocurrency in the world , is currently trade at $ 20,137 , down 1.26 % from 24 hours earlier , and down 50 % from six month ago .
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