Vitalik Buterin Co-founder of Ethereum celebrates the Merge “Dreams of years”
Tue Sep 20 2022
The Latest Update of Ethereum✔️
🔗As the clock counted down to the final moments of the big Ethereum Merge, co-founder Vitalik Buterin joined the Ethereum Mainnet Merge Viewing Party livestream.
⚪️Buterin confessed that he was absolutely excited being exited from the proof of work era.
The co-founder went on to say that the historic transition of the network from proof-of-work (PoW) to proof-of-stake (PoS) has been on the agenda for years:
He shared with the audience that they started the proof-of-stake research in 2014.
It has obviously been a dream for the Ethereum ecosystem since pretty much the beginning and add that among the biggest motivation for the switch is the high costs and the massive amount of energy usage.
⚪️The Merge drastically reduces energy consumption by 99.95%.
Vitalik Buterin explains that the merge can be seen as reinventing the laws of physics.
PoW operates with the usage of real-world functionalities such as electricity, hardware and computers.
Whereas with PoS, everything is virtualized, “basically letting us create a simulated universe that has its own laws of physics.”
⚪️Buterin congratulated the community and ushered in the next era of Ethereum via Twitter:
And we finalized
Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
⚪️The new optimizations allow developers and users to scale the network.
This is an important step in pushing the mass adoption of decentralized technologies and onboarding the next billion into the ecosystem.
Follow Ethereum’s activity at Bololex.