Ethereum 2.0 is Now Live!
The crypto world waits to see a change within a few hours!
Change is inevitable for improvement and growth. Without innovation, there is no future for a technology application. It is true for every technology domain. The cryptocurrency arena is not spared.
The big change in the cryptocurrency world will be complete within a few hours from now! It is the "Ethereum Merge" that will be completed between September 13-15, 2022.
The initial activation of the "Ethereum Merge" was already initiated on Tuesday, September 13, 2022. The complete transition has been completed on Sep 16, 2022.
Ethereum has now transitioned from its Proof-of-Work (PoW) consensus mechanism to the new Proof-of-Stake (PoS) consensus mechanism. The transition process has been very complex and delicate. Because the Ethereum blockchain must not get any halt while executing the transition.
Let us briefly discuss the "Ethereum Merge."
Image Source: GIF using my title texts, and two photos by Kanchanara on Unsplash.
What is Ethereum Merge?
The PoS consensus was in the Ethereum roadmap before even the first Ethereum network based on PoW was launched. The existing PoW consensus has not been directly transitioned to a PoS model due to the risk of potential damage.
For a smooth transition to happen, the Ethereum researchers and developers decided to split the transition from the original PoW consensus based network to a new PoS consensus based network into two steps.
(1) Beacon Chain - It was successfully executed in December 2020.
This created a parallel implementation of the Ethereum PoS chain which was tested in production for a decent period of time.
In this way, the Ethereum team avoided any direct impact on the already running PoW network that secured billions of dollars of economic activity.
Another reason is to offer enough time to Stakers so that they have a sufficient amount of ETH stakes in the Beacon Chain thereby securing the new network at the time of the transition.
(2) The Merge - It is the second step of the transition process.
This will merge the new PoS Beacon Chain network layer with the already existing original PoW chain network layer. The process involves a very complex network research implementation at the heart of the entire Ethereum computational infrastructure.
What is the gain of this complex transition work from PoW to PoS?
The Ethereum blockchain processing consumes a good amount of electrical energy for mining. The same is true for the Bitcoin blockchain which consumes huge energy.
When the "Ethereum Merge" is complete by tomorrow September 16, 2022, the consumption of electrical energy by the Ethereum network is estimated to be reduced by almost 99.95 percent!
This is a fact that the PoW consensus mechanism is far more computationally intensive that the PoS consensus model. After the merge, the crypto world will come to know what is the exact percentage savings of electrical energy.
The "Ethereum Merge" is not at all an easy task. The Ethereum project management team showed courage to take the drastic step of switching the consensus mechanism from PoW to PoS.
The "Ethereum Merge" has ensured that the already running Ethereum PoW network "Car" would not halt, i.e., the running PoW network would not be impacted, and it would smoothly be transitioned to the new PoS network.
After the merge, the entire Ethereum network runs on energy-efficient PoS consensus, and hence, the electrical energy consumption may decrease by more than 99 percent.
The "Ethereum Merge" may bring some effects to other cryptocurrencies in terms of strategy, innovation, adoption, and technology.
<> Ethereum 2.0 turns out to be one of the challenging use cases of blockchain.
Ethereum 2.0 is now Live.
I am very happy that the Ethereum team adopted the energy-efficient PoS consensus for the entire processing of Ethereum cryptocurrency.
I am glad that the news hypers haven't got benefitted!
The superior technology will slowly yield dividends to the Ethereum community.
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Unity (Debesh Choudhury)
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Lead Image: I created a GIF using my title texts, and two photos by Kanchanara on Unsplash.
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Disclaimer: All texts are mine and original. Any similarity and resemblance to any other content are purely accidental. The article is not advice for life, career, business, or investment. Do your research before adopting any options.
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Sep 15, 2022
It is so informative post. Honestly speaking, I really like it so much as I didn't know ETH merge and it's benefits etc. You made me educated about ETH merge. I am grateful to you for this