The much-awaited Ethereum Merge has finally taken place today. It is a treat for Ethereum enthusiasts as the world’s second largest blockchain has entered into a new age journey that might even benefit the crypto participants in the future. The merger was scheduled long back but took several months to become a reality but now the investors who had been waiting for it can rejoice in its launch.
And we finalized!— vitalik.eth (@VitalikButerin) September 15, 2022
Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
Ethereum Merge Details
The Ethereum Merge launch is huge and the payoff it is supposed to provide is significant as well. Reports also indicate that it should do good to the environment as well due to the fact that Ethereum (ETH) would consume 99.9% less energy than it used to before and is supposed to harness the Beacon chain. ETH developers also mentioned that the ecosystem would become much more scalable and secure, which is indeed an update that one would not want to miss.
Justin Drake, the non-profit Ethereum Foundation’s researcher, when quoted by CoinDesk, mentioned an optimistic view regarding the merge saying:
“The metaphor that I use is this idea of switching out an engine from a running car. I like to think of it as kind of like the switch from gasoline to electric.”
He then went on to express how excited he was about the Ethereum 2.0 thing and said:
“There’s a part of me which hasn’t completely realized that this is actually happening. I’m somewhat in denial, you know because I’ve trained myself to just expect it to happen in the future.”
The Merge came into existence at 2:43 a.m. EST on September 15, 2022, as over 41,000 people had tuned in on the YouTube stream session that was titled ‘Ethereum Mainnet Merge Viewing Party’. Now let’s talk about the changes that this update might bring to the crypto world. So, there were discussions on the matter of hardware wallets after the launch of Ethereum 2.0. It mentioned that crypto hardware wallets would take into consideration the inclusion of ETHPoW as it would require lesser energy. Therefore, a new chain along with a forked chain to support this change might have been worked on.