It’s official: Merge upgrade completed and Ethereum transition to PoS
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Answer It’s official: Merge upgrade completed and Ethereum transition to PoS
The Ethereum merger upgrade event can be said to be the most important event in the crypto market in recent years.
The Ethereum Proof of Work mainnet has finally been officially upgraded and merged with the Proof of Stake Beacon Chain network, marking the official transition of the entire protocol to PoS.
The merge is officially here:
Paris, more commonly referred to as “Merge”, was upgraded.
This marks Ethereum’s official transition from a Proof of Work consensus algorithm to an algorithm governed by Proof of Stakes.
The change in the Ethereum network affects not only the consensus mechanism but the network’s overall working mechanism and the generation of rewards that have been reduced by high rates (more than 90%) to further shrink the supply of Ethereum.
Read:Michael Saylor Says: Will Bitcoin (BTC) Get Stronger After Consolidation?
Although the integration upgrade is now complete, it is important to note that there is still a long way to go for Ethereum to achieve its team’s vision.
Promising to move Ethereum to Proof-of-Stake, reduce Ethereum supply, and focus more on optimizing the network for greater transaction throughput and scalability, all of this won’t happen right away.
In fact, there are four planned phases that the network will go through now that the merger has finally taken place.
These stages include:
- the edge
All of these stages have their purposes, but when put together, they aim to increase the overall capabilities of the network and make it more scalable, more secure, decentralized and easy to use.
Read:What will happen to Ethereum holders during and after the merge upgrade?
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