‘Happy Merge All’: Vitalik Buterin Officially Confirms Arrival of Ethereum’s Upgrade

The ‘Merge’ — the much-awaited upgrade to the Ethereum blockchain — finally completed on September 15, marking a historic milestone in the blockchain and crypto industries. Vitalik Buterin, the co-founder of Ethereum announced the launch of the Merge on Twitter, calling this a “big moment” for the Ethereum ecosystem. Essentially, now the Ethereum blockchain has transitioned to an energy-efficient ‘proof-of-stake (POS)’ mining model from its previous, power intensive ‘proof-of-work (POW)’ mining model. This upgrade has slashed Ethereum blockchain’s power consumption by 99.95 percent.

Developers who worked on this Merge upgrade believe that this revamp will make the Ethereum network, which is most commercialised and handles billions of dollars in transactions and holdings, more scalable and secure.

“And we finalised!” wrote Buterin in his Twitter post.

Binance CEO Changpeng Zhao was among several others from the blockchain community to welcome Ethereum’s Merge upgrade.

The process of re-coding Ethereum into the POS model has been a long one, filled with several technical roadblocks which led to several delays to the Merge launch.

Projects and blockchain firms reliant on Ethereum now have to choose if their operations would solely run on the Merge upgrade or manage this efficient version with the previous energy-intensive one.

OpenSea, Tether and Circle Pay — the issuer of USD Coin — have already pledged to only rely on the Merge version of Ethereum going forward.

Recently, a DappRadar report has alerted the crypto community to get their Ethereum-related affairs in order because the stablecoins and transactions backed on the Ethereum blockchain could encounter some snags.

Meanwhile, the bug bounty payouts for Ethereum can now go as high as $1 million (roughly Rs. 8 crore), developers of the blockchain said in a recent update, encouraging software developers to keep an eye out on potential risks around the newly launched upgrade.

Related Posts

Xiaomi Feels Disappointed by ED Order to Seize Assets, Says Will Continue to Protect Reputation

Chinese smartphone maker Xiaomi on Sunday said it was “disappointed” with an Indian order that froze $682 million (nearly Rs. 5,551 crore) of its assets and would continue…

Majority Cryptocurrencies Take a Dip; Binance Coin, Polygon Emerge Among Few Gainers

The red-drenched crypto price charts, indicated on Monday, October 3, that the digital assets sector was stepping into a new month impacted by volatility. With a loss…

House of the Dragon Episode 8 Trailer: Struggle for Power Continues at Driftmark

House of the Dragon episode 8 trailer is out. HBO dropped a preview for next week’s episode of the Game of Thrones prequel series, which foreshadows the…

Reliance Jio Said to Launch Budget Laptop JioBook With Embedded 4G Sim Card

Reliance Jio will launch a budget laptop priced at $184 (Nearly Rs. 15,000) with an embedded 4G sim card, aiming to replicate the success of its low-cost…

‘Connect Wallets, Share NFTs’: Meta Users in the US Get Feature on Facebook, Instagram

Meta’s Facebook and Instagram users in the US can now connect their digital wallets to the apps and share their NFT holdings with their followers and friends….

Flipkart Big Dussehra Sale 2022 Dates Announced: Everything You Can Expect

Flipkart Big Dussehra Sale 2022 dates have been announced by the Walmart-owned company. Flipkart’s next big festive season sale will kick off from October 5, and will…