It’s been less than a day since Ethereum’s historic transition to proof-of-stake, with most of the crypto community still abuzz with excitement following the successful Merge.
On Sept. 15 at 06:42:42 UTC, the last Ethereum block using the old proof-of-work consensus mechanism was mined. Replacing it is an energy-efficient proof-of-stake consensus mechanism.
Many crypto enthusiasts and climate advocates worldwide have been thrilled by the positive impact it will have on the environment and thus, crypto’s reputation.
Others have just been in awe of the technological feat of upgrading an entire blockchain network without any stoppages.
30 minutes ago Now pic.twitter.com/cyQb3pAdtt
— WolfOfEthereum.eth ️ (@Crypto_Wolf_Of) September 15, 2022
Uniswap Labs founder and CEO Hayden Adams told his 232,200 Twitter followers on Sept. 15 that the reduction of Ethereum’s energy usage “will improve the network’s public image” more so than anything else in its “entire history.”
According to the Ethereum Foundation, Ethereum’s new PoS consensus mechanism is set to reduce the energy consumption of the entire network by 99.95%.
Adams believes that “people are massively underestimating this aspect of the Merge.”
Ethereum reducing its energy usage by 99.98% will improve its public image more than anything else in its entire history (rightfully so imo).
I think people are massively underestimating this aspect of the merge.
— hayden.eth (@haydenzadams) September 15, 2022
Ripple Labs CEO Brad Garlinghouse on Twitter called it a “truly incredible technological feat,” and NFT company Yuga Labs told its followers this was a “big step” in scaling Ethereum to its “first billion users.”
Nischal Shetty, founder and CEO of Indian crypto exchange WazirX shared his congratulations, remarking that Ethereum is the “OG of smart contracts” and has played a massive role in building the Web3 ecosystem.
Even the Twitter account behind Dogecoin, now the second-largest PoW cryptocurrency by market capitalization, shared its “much congratz” to Ethereum co-founder Vitalik Buterin and all those involved in the Merge.
— Dogecoin (@dogecoin) September 15, 2022
Others however, have been skeptical about about Ethereum’s new consensus mechanism.
Independent journalist Jordan Schachtel said the Merge effectively transitioned Ethereum into a “WEF (World Economic Forum) coin” which will “by design, puts all value and control in the hands of the people at the top”.
Yes. By design. All the value and control gets scooped up by the people at the top. POS to a tee. https://t.co/P6reCy9O2T
— Jordan Schachtel @ dossier.substack.com (@JordanSchachtel) September 15, 2022
Cardano enthusiasts at the Twitter account @Cardanians_io said that the Ethereum Merge will do nothing to change its high transaction fees and scalability issues.
The account added that Cardano’s Vasil fork would improve the Cardano network’s scalability. The account shared that “Ethereum is essentially catching up to Cardano.”
Earlier this week, StarkWare president and co-founder Eli Ben-Sasson told Cointelegraph that Ethereum’s Merge is “like completing the launch of a rocket” in that there will still be a journey ahead of us.
The Merge was the first step in this five-part process that will eventually bring the smart contract blockchain to an “endgame” of Ethereum’s development, according to Buterin.
A successful ETHMerge is absolutely massive for the entire crypto space.
Hats off to the team for executing with the world watching. A historic moment that kept a bullet train on the tracks toward a brighter future for everyone. pic.twitter.com/NkhXhBvsV9
— ║Ꮓ║ (@PlaywinGirl) September 15, 2022
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.