On 15 September at 06:42:42 UTC, the last Ethereum block was mined using the old proof-of-work consensus mechanism. Replacing this is an energy-efficient proof-of-stake consensus mechanism.
Many crypto enthusiasts and climate advocates around the world are thrilled by the positive impact it has on the environment and, thus, the reputation of crypto.
Others are amazed at the technological achievement of upgrading the entire blockchain network without interruption.
30 minutes ago now pic.twitter.com/cyQb3pAdtt
— WolfOfEthereum.eth ️ (@Crypto_Wolf_Of) September 15, 2022
Uniswap Labs founder and CEO Hayden Adams told his 232,200 Twitter followers on September 15 that the reduction in Ethereum’s energy use “will improve the public image of the network” more than anything in its “entire history”.
According to the Ethereum Foundation, Ethereum’s new PoS consensus mechanism is set to reduce the energy consumption of the entire network by up to 99.95%.
Adams believes that “people are massively underestimating this aspect of the merge.”
Ethereum reducing its energy use by 99.98% will improve its public image more than anything in its entire history (okay so imo).
I think people are massively underestimating this aspect of the merger.
— hayden.eth (@haydenzadams) September 15, 2022
Ripple Labs CEO Brad Garlinghouse on Twitter called This is a “truly incredible technological achievement”, and NFT firm Yug Labs told its followers that it was a “huge step” in bringing Ethereum to its “first billion users”.
Nischal Shetty, founder and CEO of Indian crypto exchange WazirX, shares his Congratulations!Commenting that Ethereum is the “OG of smart contracts” and has played a big part in building the Web3 ecosystem.
Even the Twitter account behind Dogecoin, which is now the second largest PoW cryptocurrency by market capitalization, shared “many congratulations” to Ethereum co-founder Vitalik Buterin and everyone involved in the merge.
— dogecoin (@dogecoin) September 15, 2022
However, others are skeptical about Ethereum’s new consensus mechanism.
Independent journalist Jordan Schachtel said the merge effectively converted Ethereum into a “WEF (World Economic Forum) coin” that “by design, puts all value and control in the hands of the people”.
Yes. by design. All values and control are acquired by the people at the top. POS to a t. https://t.co/P6reCy9O2T
— Jordan Schachtel @ dossier.substack.com (@JordanSchachtel) September 15, 2022
Cardano enthusiasts on the Twitter account @Cardanians_io said that the ethereum merge will do nothing Change Its high transaction fees and scalability issues.
The account states that Cardano’s Vasil fork will improve the scalability of the Cardano network. The account shared that “Ethereum is essentially catching up to Cardano.”
related: Community celebrates Merge by leaving art and music inspired by ETH
Earlier this week, Starkware president and co-founder Eli Ben-Sasson told Cointelegraph that the Ethereum merger is “like completing the launch of a rocket” with a journey still ahead of us.
According to Buterin, the merge was the first step in this five-part process that would eventually bring the smart contract blockchain to the “endgame” of Ethereum’s development.
A successful ETHerge is absolutely huge for the entire crypto space.
Hats off to the team for executing with the world to see. A historic moment that put a bullet train on track towards a brighter future for all. pic.twitter.com/NkhXhBvsV9
— (@PlaywinGirl) September 15, 2022