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, . “

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 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.



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store

Bitcoin Info, Fintech News, Blockchain Technology and much more About Crypto World — CoinShark.