Reports said that Ethereum followers and competitors alike have found their own way to congratulate the Ethereum team on a successful Merge. It’s been less than a day since Ethereum’s historic transition to proof-of-stake, with most of the crypto community still abuzz with excitement following the successful Merge.
It has been reported that last Thursday at 06:42:42 UTC, the last Ethereum block using the old proof-of-work (PoW) consensus mechanism was mined. Replacing it is an energy-efficient proof-of-stake (PoS) consensus mechanism. Many crypto enthusiasts and climate advocates worldwide have been thrilled by the positive impact it will have on the environment and thus, crypto’s reputation.
However, others have just been in awe of the technological feat of upgrading an entire blockchain network without any stoppages. Uniswap Labs founder and CEO Hayden Adams told his 232,200 Twitter followers on Thursday that the reduction of Ethereum’s energy usage “will improve the network's public image” more so than anything else in its “entire history.”
The report said that according to the Ethereum Foundation, Ethereum’s new PoS consensus mechanism is set to reduce the energy consumption of the entire network by 99.95%. Adams believes that “people are massively underestimating this aspect of the Merge.”
Likewise, Ripple Labs CEO Brad Garlinghouse on Twitter called it a “truly incredible technological feat,” and NFT company Yuga Labs told its followers this was a “big step” in scaling Ethereum to its “first billion users.”
Nischal Shetty, the founder and CEO of Indian crypto exchange WazirX, shared his congratulations, remarking that Ethereum is the “OG of smart contracts” and has played a massive role in building the Web3 ecosystem. Even the Twitter account behind Dogecoin (DOGE), now the second-largest PoW cryptocurrency by market capitalization, shared its “much congratz” to Ethereum co-founder Vitalik Buterin and all those involved in the Merge.
Thus, the Merge was the first step in this five-part process that will eventually bring the smart contract blockchain to an “endgame” of Ethereum’s development, according to Ethereum CEO Vitalik Buterin.