Co-founder Vitalik Buterin expressed his excitement and the PoS ambition for the community just prior to the significant Ethereum Merge.
Co-founder Vitalik Buterin joined the Ethereum Mainnet Merge Viewing Party livestream, hosted by the Ethereum Foundation, as the massive Ethereum Merge neared its conclusion and offered his closing remarks.
Buterin said he is “very enthusiastic about being exited from the proof-of-work era” when asked if he was excited about the Merge.
The network’s historic switch from proof-of-work (PoW) to proof-of-stake (PoS), according to the co-founder, has been planned for years:
“[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.”
Buterin argues that the laws of physics are being reinvented by The Merge. PoW uses functionalities found in everyday objects like hardware, electricity, and computers to function. In contrast, PoS virtualizes everything, “essentially enabling us create a simulation of the cosmos with its own mechanics.”
According to Buterin, the exorbitant expenses and enormous energy consumption are two of the primary drivers of the decision. According to claims, The Merge significantly reduces energy use by 99.95%.
He added that this will benefit “non-environmental externalities” as well as the environment, which has been a heated topic among environmentalists regarding the crypto area. The price increase of GPUs as a result of mining Ether (ETH) was used as an example.
The Merge ultimately happened on Thursday at 06:42:42 UTC at block 15537393, just after Vitalik’s brief moment of fame during the webcast. At a Terminal Total Difficulty of 58750000000000000000000, the execution and consensus layers of the Ethereum mainnet were combined. The network is no longer dependent on a proof-of-work (PoW) consensus method as a result of the Merge.
By way of Twitter, Buterin congratulated the community and announced the start of Ethereum’s new era:
And we finalized!
Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
— vitalik.eth (@VitalikButerin) September 15, 2022
With the help of these new optimizations, users and developers may scale the network in ways that weren’t feasible or sustainable in the past. This is a critical action for accelerating the use of decentralized technology and bringing the subsequent billion people into the ecosystem.