Breaking: Historic day for crypto as Merge to proof-of-stake occurs
Ethereums highly anticipated conversion to a proof-of-stake (PoS) consensus algorithm, dubbed the Merge, took place at 6:42:42 am UTC on Sept. 15. The move is a key part of an overarching multi-year transition for the Ethereum blockchain. It starts a chain reaction of changes, Eli Ben-Sasson, co-founder and president of StarkWare, told Cointelegraph regarding the Merge. The Merge will reportedly help the Ethereum blockchain reduce its energy consumption by around 99%.
During a viewing party before the networks shift from proof-of-work (PoW) to PoS, Ethereum co-founder Vitalik Buterin said: [It] has obviously been a dream for the Ethereum ecosystem since pretty much the beginning. We started the proof-of-stake research with that blog post on Slosher back in January 2014.
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