As the countdown ticked down to the final moments of the great Ethereum merger, co-founder Vitalik Buterin joined the Ethereum Mainnet Merge Viewing Party livestream hosted by the Ethereum Foundation to share their latest thoughts.
When asked if he was excited about the merger, Buterin said he was “absolutely thrilled to be out of the proof-of-work era.”
The co-founder went on to say that the historic transition of the proof-of-work (PoW) network to proof of stake (PoS) has been on the agenda for years:
“[It] has obviously been a dream for the Ethereum ecosystem from pretty much the beginning. We started the proof-of-stake search with this blog post on Slosher in January 2014.”
Fusion can be seen as a reinvention of the laws of physics, according to Buterin. PoW works with the use of real-world functionality such as electricity, hardware, and computers. Whereas with PoS, everything is virtualized, “essentially allowing us to create a simulated universe that has its own laws of physics.”
Buterin said that among the main drivers for the change are high costs and massive energy consumption. We say that the fusion drastically reduce energy consumption of 99.95%.
He also pointed out that not only would this be good for the environment, which has been a hot topic among environmentalists about the crypto space, but also for “non-environmental externalities.” The example was given of the increase in GPU price due to Ether (ETH) mining.
Shortly after Vitalik’s mini projector in the livestream, the merger finally took place Thursday at 06:42:42 UTC in block 15537393. The merger of the execution layer of the main network Ethereum and the consensus layer of the Beacon chain took place in the total difficulty of the terminal of 58750000000000000000000000. , the network no longer relies on a proof-of-work (PoW) consensus mechanism.
Buterin congratulated the community and ushered in the next era of Ethereum via Twitter:
And we are done!
Happy merging everyone. This is a great moment for the Ethereum ecosystem. Everyone who helped make the merger happen should be very proud today.
— vitalik.eth (@VitalikButerin) September 15, 2022
These new optimizations allow developers and users to scale the network in ways that were not possible or unsustainable in the past. This is an important step in push the mass adoption of decentralized technologies and integrating the next billion into the ecosystem.