Ethereum Successfully Switched to PoS
A huge event for the entire cryptocurrency community was successful. The Merge is now complete.
The Ethereum network officially changed the consensus algorithm from Proof-of-Work to Proof-of-Stake. Vitalik Buterin announced this on Twitter.
Ethereum reached the required Terminal Total Difficulty (TTD) today at 5:27 (UTC). The Merge could be seen during the Ethereum Mainnet Merge Viewing Party live on the Ethereum Foundation’s YouTube channel.
Ethereum co-founder Vitalik Buterin and The Daily Gwei founder Anthony Sassano were special guests at the event. A regular member of all Ethereum broadcasts, musician Jonathan Mann performed his new single Pandas Are Not Known For Running, which is traditionally added to the singer’s Song A Day NFT collection and is featured on OpenSea.
CEO and co-founder of the prediction marketplace Gnosis Martin Köppelmann said the network shows “amazing stability after the merge.” According to Vitalik Buterin, the network got better performance immediately after The Merge.
Ethernodes reports that 11% of Ethereum nodes never upgraded to the version required for The Merge. Perhaps that’s the percentage of the Ethereum community preparing to support a Proof-of-Work version of the network. The ETHPoW hard fork is scheduled right after The Merge.