Ethereum has successfully completed the long-awaited shift from proof-of-work (PoW) to proof-of-stake (PoS) in a process known as the Merge.
The plan was years in the making and has undergone a seemingly endless series of tests and tinkering. It finally happened after it became one of the most anticipated and high profile events in the crypto world this year. But now the event is over and Ethereum appears to be clearing the technical hurdles of the transition.
“Ethereum now has an opportunity to be a productive, aligned, forward-looking technology compared to a technology that was rooted in high energy consumption and was subpar from a transaction or cost perspective,” Sean Ford, interim CEO of blockchain Algorand ( which also includes PoS), told londonbusinessblog.com. “I am optimistic about the opportunities of the sector.”
While the Merge was a huge achievement, many more upgrades are planned for the Ethereum blockchain along the way. In July, Vitalik Buterin, co-founder of Ethereum, said the network will undergo further updates which rhyme with the Merge – Surge, Verge, Purge and Splurge.
“One of the beauties of the Merge we see is that Ethereum has a long technical roadmap, but it will never be complete,” Steven Goldfeder, co-founder and CEO of Offchain Labs (the developer of layer-2 rollup Arbitrum), told londonbusinessblog.com. “There is never a point where we are ready. The technology will only get better over time. We will continue to innovate and do better things.”
But what does all this really mean for the next era of the Ethereum network?