Ethereum Merge: The Ethereum blockchain is moving from proof of work to proof of stake, one of the biggest events in crypto and blockchain history, and although there won’t be any literal fireworks, true believers in Ether are celebrating anyway.
It’s known as “The Merge” and marks the moment when Ethereum changed from a system that required the blockchain’s “validators” to solve a computing problem to simply staking ETH tokens as collateral.
More than 99 percent of the network’s energy usage will be reduced as a result of this change.
Throughout its distributed network, Bitcoin pioneered the proof of work consensus model. It has been widely criticized for the amount of electricity nodes on the network consume in order to solve the arbitrary math problem required to “earn” crypto rewards.
Despite following Bitcoin’s footsteps, Ethereum’s developers have always maintained they may move away from proof of work in the future.
There was skepticism that the day would ever come after years of planning, delays, and delays.
It appears that the transition time depends more on how difficult it is for the original proof of work system to reach a certain threshold than on a specific timeframe. It is expected to happen after 10 p.m. Pacific Time, according to most predictions.
Even though watching transactions on a blockchain switch from one chain to another isn’t exactly a highly visual experience, a number of Ethereum maxis are celebrating anyway.
The Ethereum Foundation’s Mainnet Merge viewing party, which starts at 7:30 pm PT, is the closest thing to an official eth fiesta.
The Bankless webcast will also be well attended, as it has already been streaming for some time.
Even a real-life party is taking place tonight to mark the historic event: the EthBerlin conference is having its own watch party, although the big event will take place pretty early in the morning.