Ethereum was launched by Canadian computer programmer Vitalik Buterin in 2015. Ethereum was initially described in late 2013 in a white paper by Vitalik Buterin, a programmer and co-founder of Bitcoin Magazine, that described a way to build decentralized applications.
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The Ethereum Merge
Crypto enthusiasts say ‘The Merge’ represents the joining of the existing execution layer of Ethereum (the Mainnet we use today) with its new proof-of-stake consensus layer, the Beacon Chain. (Formerly called Eth2).
That means that this cryptocurrency fully switched over to a 'Proof of Stake' algorithm, ending Ethereum’s long dependence on a traditional mining model.
Proof of work and proof of stake are both algorithms to keep the blockchain secure so users can add new cryptocurrency transactions. But there are a few differences between the two.
The proof of work consensus algorithm uses complex problems for miners to solve using high-powered computers. The problems are solved using trial and error. It also requires fast computers that use large amounts of energy resources.
The proof-of-stake system was designed to be an alternative to proof of work, addressing energy usage, environmental impact and scalability. The energy consumption is significantly less because proof of stake chooses validators randomly instead of miners completing complex puzzles. Transaction times are also quicker, which uses less energy.
The Merge has finally happened, moving the digital machinery at the core of the second-largest cryptocurrency by market value to a vastly more energy-efficient system.
The payoff is, as they say, gigantic. Ethereum should now consume 99.9% or so less energy. Ethereum accounted for 20% to 39% of all of crypto’s electricity use as of August.
Less energy demand also opens the door for future upgrades Ethereum has planned to speed up transaction processing and to scale.
When it comes to money, experts are divided about the next directional move for ethereum. While some believe ‘the merge’ will be great for ethereum and boost its price incredibly, others remain unconvinced.
Whatever happens with ethereum’s price over the next few months will ultimately depend on how successful ‘the merge’ is. Google data also showed that searches for ‘buy ethereum’ also soared by 138.09% on the day of ‘the merge’, so it seems that people have a lot of trust in it.
A spokesperson for CasinoTop10.net said: “This is a happy day for the PC gamers, as it’s now predicted that prices of graphic cards will hit their lowest ever level. Now that GPU vendors can no longer rely on miners as a way to sell their graphics cards, it's back to boosting the gaming business.”
