In a major overhaul for the crypto world’s most ambitious software upgrade, Ethereum completed a key revamp of its blockchain network– the Merge. The second-largest crypto token has now moved to the proof-of-stake (PoS) mechanism from Proof-of-Work (PoW).
This is the first instance when an existing and running blockchain has made such a move. Following this, Ethereum’s energy consumption will drastically drop by 99.9 per cent.
Ethereum developers say the upgrade will make the network – which houses a $60 billion ecosystem of crypto exchanges, lending companies, non-fungible token (NFT) marketplaces and other apps – more secure and scalable.
Following the merge, there was immediate price action in Ethereum as the token was hovering around $1,600 levels, seesawing between red and green.
The crypto community and platforms have cheered this one-of-a-kind feat, which took roughly about 15 long minutes to be declared a success. Here’s what the crypto world has to say about this mega-event:
Ashish Singhal, Co-founder and CEO, CoinSwitch
The Merge’s success is a historic moment in the world of crypto. It is a great example of technology fixing technology’s drawbacks. The energy consumption on blockchains has been a significant concern globally since the emergence of DeFi solutions and their greater adoption.
Some countries even considered knee-jerk reactions to outlaw the mechanism behind the technology in the interest of sustainability. Ethereum’s transition to a greener and energy-efficient blockchain will, in the long term, be beneficial for the adoption of the technology among enterprises and institutions.
Vikram Subburaj, CEO, Giottus Crypto Platform
The Merge has gone through smoothly – as expected. This is a monumental day for the crypto ecosystem. The focus will now be on supply and demand.
Ethereum has shifted from miners to stakers, and rewards will only be available after the Shanghai fork, which is expected soon.
To celebrate a successful Merge and its positive implications on the ecosystem, Giottus will offer a zero-fee ETH/INR trade window for all its customers for seven days from today. This initiative will also help customers navigate the volatile days ahead with ease.
Edul Patel, CEO and co-founder, Mudrex
The Merge was the most-awaited event this year for the entire cryptoverse. Ethereum has successfully achieved this notable milestone in transitioning from PoW to PoS consensus mechanism. However, Merge may not show any significant impact on the price action of Ethereum now, as investors often take some time to react to such significant events in the market. But there are chances that ETH might surge to the $2,000 level in the coming days.
Shivam Thakral, CEO, BuyUcoin
The Ethereum merge marks the beginning of energy-efficient crypto operations, which will help drive mass adoption of crypto-related products and services. We can expect similar initiatives in the future to provide a level playing field to the crypto industry around the globe.
Sakina Arsiwala, Co-founder, Taki
Ethereum’s transition from PoW to PoS will prove that a decentralized and permission-less network can operate energy-efficiently. However, we must concentrate on the aspects of Solana that would make it superior to the Ethereum network even after the merger.
Prashant Kumar, Founder and CEO, weTrade
The momentous event is a culmination of months of meticulous planning and test runs compared to the challenge of changing the engine of a 24-wheeler loaded truck while it is on the move. Ethereum can await new investors as it transitions to this 2.0 version.
Sathvik Vishwanath, Co- founder & CEO, Unocoin
With a new mechanism in place and shifting the entire algorithm might have its results. As advice to the investors, Ethereum and Ethereum-based coins and tokens might be highly volatile after this merger, and any uncalculated risk might prove fatal.
Prashant Malik, Founder and CEO, Heru Finance
Ethereum merge is one of the biggest steps toward scaling the entire ecosystem around blockchain, including future upgrades and ultimately moving to the Sharding architecture while also making the Ethereum environment friendly.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
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