It’s a historic day for the cryptocurrency world. ethereumThe most commercially important blockchain in the digital assets industry has undergone a major software update today.
The blockchain of the second digital currency with the largest market capitalization bitcoin completed the transition called today CombiningAccording to the developers of this network, it becomes much more energy efficient and paves the way for it to be larger and faster.
Successful merging of versions 1.0 and 2.0, goodbye to mining its native token Ether (ETH) and after that transactions will be verified using the Proof of Stake (PoS) protocol instead of Proof of Work (PoW). For Ethereum users’ purposes, the change is transparent and does not affect normal transactions at all.
He wrote “Happy Reunion to All”. Vitalic Buterine“This is a great moment for the Ethereum ecosystem. Everyone who helped make the merger happen should be very proud today,” one of the creators of Ethereum wrote on his Twitter account.
The expected change for now is did not affect the price, still around 1,620 euros in the same range as last week at the time of writing this article. The rest of the market also did not experience unusual variations.
Most of the mining equipment used to mine Ethereum so far is expected to be used. now connect to other networksthis would theoretically result in a spike for other cryptocurrencies.
this Update It took years to materialize and, despite the setbacks, it seems to have gone well so far. “Institutional investors who are aware of ESG (environmental, social and corporate governance) will use it as an opportunity to dive into blockchain, tokens, Ethereum…” he told Bloomberg Television. Teong HngCo-founder of digital asset platform Satori Research.
Cryptocurrency exchanges and loan platforms services are temporarily disabled before the merger it was about Ethereum. Then they started bringing them back online.
They registered important Ether entries While the exact reasons are unclear, it’s on the exchanges before the change.
alex svanevikThe co-founder and CEO of blockchain research portal Nansen noted in a Twitter post: 1.2 billion dollars ETH entries, two transactions on Binance and Bitfinex.
It should be noted that Ether increased by about 80% Since the lowest recorded in mid-June, it has outperformed Bitcoin, in part due to the hype created by Merge, but that rally is now starting to cool.
Another of the major innovations associated with the merger is that Ether, a hitherto inflationary currency, was theoretically will be deflationaryAs expected, more ETH will be burned than generated in most blocks.
Both Bitcoin and Ether has dropped more than 50% so far this yearwas severely affected by the rise in interest rates, which sucked the liquidity of global markets. Ether’s medium and long-term outlook is brighter. Stefan RustCEO of blockchain development house Laguna Labs.
On a note, this expert said that Ether could exceed $3,000 by the end of this year, possibly “turning”He referred to the idea that its market cap could exceed Bitcoin.