The Ethereum Merge took place today, the 15th of September, 2022, and many crypto enthusiasts promised to celebrate ‘merge parties’ around the world, as it is a glimmer of hope for the crypto industry.
Ethereum has been growing steadily alongside BTC and BNB, but the crypto market has struggled with intended dips this year. Crypto developers have been promising their users of merged for many years, and it finally came to light today.
There were numerous live-stream watched parties around the one and many acknowledged the big break for Ethereum.
“This is the first step in Ethereum’s big journey towards being a very mature system. There are still steps left to go,” Buterin told developers.
Ethereum Merge Development
Since Ethereum was launched in 2015 by a Russian-Canadian programmer Buterin but was criticized because it consumed an insane amount of energy, due to the multiple projects and tokens hosted by its blockchain.
Although the merge is a big deal, Ethereum developers have also noted that working on the upgrade has not been easy.
The Ethereum Merge which is an upgrade has ensured that moving forward, ETH consumes 99.9% less energy, and developers are constantly monitoring the system to ensure that it keeps running smoothly for ETH transactions worldwide.
“It is a complicated task,” said Edouard Hindi, chief investment officer at crypto hedge fund Tyr Capital. “One forgotten fine tune . . . could lead to a lot of volatility, and the market is in a panicky mood.”
Since crypto developers are working so that cryptocurrencies can be a legal form of finance worldwide, the Ethereum Merge was to remove the limits on the central network capacity, so that ETH can be one of the major legal global currencies.
Ethereum, like bitcoin, has so far relied on network participants solving complex maths problems to validate new blocks, a process called proof of work. So the merge is linking ETH to a new network, where investors (individuals and corporations) can use their tokens as collateral. Ethereum has also seen a 75% boost in the crypto market, since June, reducing the gap between ETH and BTC.
