The Merge Successful, Ethereum Officially Started Using Proof-of-Stake
Finally, one of the biggest events in Ethereum history took place. The Merge took place very successfully in the expectation of the entire crypto community. The Ethereum network officially switched from PoW to PoS.
The entire crypto community is resenting the success of The Merge. The Total Difficulty of blocks on Ethereum has reached the threshold of 58750000000000000000000, the value needed to trigger the merger of the PoW blockchain – the blockchain responsible for processing transactions on Ethereum so far into the Beacon chain – The PoS blockchain acts as a consensus coordinator on the Ethereum network.
After The Merge, Ethereum will become a less energy-intensive blockchain because the consensus mechanism will no longer need miners as before. Because it uses less energy, the rewards (rewards) for validators on the PoS blockchain will also be lower than the rewards for miners on the PoW blockchain, thereby helping to create deflationary pressure on ETH. In addition, no longer mining money also helps the world’s second largest blockchain cut power consumption by more than 99%.
However, after The Merge, gas fees on Ethereum will not decrease and the transaction speed will not be faster.
Currently, the price of Ethereum is currently not much volatile. Currently ETH is still trading at over $1627.
As updated in an earlier Coincu News article, taking advantage of the hotness of The Merge, impersonation scammers have used social media to prey on unwary users against Ethereum Merge. Currently, phishing links are still appearing a lot, so users need to be careful and do not click on spam links on accounts.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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