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    The community reacts with memes, GIFs and tributes

    MatthewBy No Comments4 Mins Read
    The community reacts with memes, GIFs and tributes

    Less than a day has passed since Ethereum’s historic transition to proof-of-stakes, and most of the cryptocurrency community is still buzzing after the success of The Merge.

    On September 15, at 06:42:42 UTC, the last Ethereum block was mined using the old proof-of-work consensus mechanism. The proof-of-work consensus mechanism is replaced by an energy-efficient proof-of-stake consensus mechanism.

    Many crypto enthusiasts and climate advocates around the world have been excited about the positive impact it will have on the environment and thus the reputation of cryptocurrencies.

    Others have simply been amazed by the technological feat of upgrading an entire blockchain network seamlessly.

    Uniswap Labs founder and CEO Hayden Adams told his 232,200 Twitter followers on Sept. 15 that reducing Ethereum’s power usage will “improve the network’s public image” more than anything in its entire “history.”

    According to the Ethereum Foundation, Ethereum’s new PoS consensus mechanism is set to reduce the power consumption of the entire network by 99.95%.

    Adams believes that “people are grossly underestimating this aspect of The Merge”.

    Ripple Labs CEO Brad Garlinghouse qualified on Twitter as a “really amazing technological feat”, with NFT startup Yuga Labs telling followers that this was a “huge step” in scaling Ethereum to its “first billion users”.

    Nischal Shetty, founder and CEO of Indian cryptocurrency exchange WazirX, shared his Congratulationsnoting that Ethereum is the “OG of smart contracts” and has played a massive role in building the Web 3.0 ecosystem.

    Even the Twitter account behind Dogecoin, now the second largest PoW cryptocurrency by market cap, shared its “much congratulations” to Ethereum co-founder Vitalik Buterin and everyone involved in The Merge.

    Others, however, have been skeptical of Ethereum’s new consensus mechanism.

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    Freelance journalist Jordan Schachtel said that The Merge turned Ethereum into a “World Economic Forum currency” that “by design, puts all value and control in the hands of the people at the top.”

    Cardano enthusiasts on the Twitter account, @Cardanians_io, said that The Ethereum Merge will do nothing to change its high transaction fees and scalability issues.

    The account added that the Vasil Cardano hard fork would improve the scalability of the Cardano network. The account shared that “Ethereum is essentially catching up with Cardano.”

    Earlier this week, StarkWare president and co-founder Eli Ben-Sasson told Cointelegraph that Ethereum’s Merge is “like completing a rocket launch,” in that there is still a journey ahead.

    The Merge was the first step in this five-part process that will ultimately bring the smart contract blockchain to an “end” of Ethereum development, according to Buterin.

    Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.

    Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.

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