Ethereum's Long-Awaited Merge With the Beacon Chain is Now Complete
Sep 16, 2022
Goodbye Miners, Hello Stakers!
It has happened. The Merge is complete.
Ethereum's long-awaited Merge with the Beacon Chain is now complete. It was always a part of the plan to migrate the Ethereum Blockchain to a more sustainable Proof-of-Stake (PoS) consensus from the energy-consuming Proof-of-Work (PoW) Protocol.
Before now, Ethereum transactions cost a lot to process. We’re not talking about the blockchain’s gas fees now. We’re talking about the costly effects of the blockchain on our dear earth.
So, Ethereum transactions cost a lot in the carbon footprints left behind by the blockchain’s Proof-of-Work Protocol.
The Proof-of-Work Protocol ensured that thousands of high-energy-consuming computers were needed to verify transactions on the ETH blockchain. In fact, some estimates had it that it cost as much as the entire energy grid of Finland to keep the Ethereum blockchain functional.
Furthermore, the effect was a colossal carbon footprint being left behind, gradually destroying our beautiful earth.
Apart from the sustainability problem, another issue with the PoW model was that it made it hard for Ethereum to scale. This is because Ethereum needs money and people to scale. But many people with huge bank accounts were reluctant to spend on it, as they would be spending on something that destroyed the earth. However, the merge is complete, and it was seamless.
Ethereum now entirely runs on the Proof of Stake Protocol, which is a massive 99% easier on the earth than PoW is. This kind of merge has never been done in the history of cryptocurrencies and blockchains. Tens of billions of dollars of digital assets were on the line. A failure here would be a massive dent in the progress of the entire cryptocurrency ecosystem.
The Ethereum blockchain developers had it all to do. They put in years of research and study. And they didn’t disappoint. But although the merge is complete, it’s only the first of the five-step plan to make Ethereum faster, better, and much more decentralized. We now anticipate the surge, the verge, the purge, and the splurge.
And as far as Ethereum is concerned, it's Goodbye Miners, Hello Stakers!
So, that’s the first good news we have for you. The second is this:
Soon you will be able to trade Ethereum and other cryptocurrencies on MultiBank io, one of the most regulated, secured, and user-friendly crypto exchanges