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.
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Following the merge, there was immediate price action in Ethereum as the token was hovering around $1,600 levels, seesawing between red and green.
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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:
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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. 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. 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.
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