Ethereum switched to Proof-of-Stake algorithm today
Today, a long-awaited event has happened in the crypto community. True, the only good news for the entire crypto world so far is that only Vitalik Buterin and the Ethereum Foundation have fully felt the epochal nature of this event.
Buterin said during the merger stream, “For me, the merger just symbolizes the difference between Ethereum at an early stage of development and the Ethereum that we always wanted to create, so let’s build all the other parts of this ecosystem and turn Ethereum into that what we want . “
The transition of Ethereum to PoS should significantly reduce network power consumption (by at least 99%), as well as increase the speed of transactions. However, there are skeptics who believe that the merger will not solve the main problems that Ethereum has.
Paolo Ardoino, CTO of Bitfinex, expressed his opinion on this, saying that the merger will not fix the problem of high transaction fees and will not make the network more decentralized than it already is, it will also not eliminate scalability problems, and of course will not touch the decision on the second one. level.
Ardoino believes: “ETH cannot compete with Bitcoin on the monetary front because there is no fixed supply, and, in fact, it is still not a world computer, … too slow to be scalable . ”
ETH receipts on crypto exchanges increased sharply on the eve of the Ethereum merger. Cumulatively, the amount invested was approximately $1.2 billion, which is the highest revenue in the last six months, reaching a total of 24.34 million coins by September 15.
The user paid over 36.8 ETH in transaction fees ($60,626) to mint an NFT called ‘The Transaction’. This NFT appeared 17 seconds after the merge and became the first to be minted on Ethereum PoS. It depicts a panda — the symbol of Ethereum. NFT is part of a collection of 100 similar images on OpenSea.
If you decide to try your hand in the world of cryptocurrencies, do it with a trusted and reliable partner — Binance.
CoinShark is not responsible for the content, accuracy, quality, advertising, products, or any other content posted on the site. This article is for informational purposes, and not a proposal for action, prepared on the basis of materials and information from open sources .