The world’s second cryptocurrency has received a landmark update The Merge
Ethereum switched to Proof-of-Stake consensus algorithm at 9:45am Kiev
Beacon Chain and the core network have merged, migrating ether to the PoS algorithm
The cryptocurrency community has witnessed an event that the entire industry has been anticipating for the last few years. “The Merge” has officially happened!
Ethereum has switched to the Proof-of-Stake algorithm, opening a new chapter in its history. Vitalik Buterin and the development team have made one of the most complex transformations of the digital asset world.
The second most capitalised cryptocurrency underwent an update at 9:45 a.m. Kiev time. According to preliminary information, no difficulties were recorded during the “merge”.
During the update, the main network connected to Beacon Chain, fully migrating Ethereum to the Proof-of-Stake consensus algorithm. According to Buterin, this will tangibly improve the security of the blockchain, as well as open up new opportunities for developers and users.
According to statements from the potential PoW fork team, a branched out network will launch 24 hours after the upgrade. It will run on the Proof-of-Work algorithm.