It has been less than a day since Ethereum’s historic transition to proof-of-stake, and much of the crypto community is still buzzing with excitement following the successful merger.
On Thursday at 06:42:42 UTC, the last Ethereum block was mined using the old Proof-of-Work (PoW) consensus mechanism. It has been replaced by the energy-saving Proof-of-Stake (PoS) consensus mechanism.
Many crypto enthusiasts and climate activists around the world were excited about the positive impact on the environment and thus on the cryptocurrency’s reputation.
Others were simply amazed by the technological feat of upgrading the entire blockchain network without disruption.
Uniswap Labs founder and CEO Hayden Adams told his 232,200 Twitter followers on Thursday that reducing Ethereum’s power consumption will “improve the network’s public image,” more than anything in its entire “history.”
According to the Ethereum Foundation, the new PoS consensus mechanism in Ethereum aims to reduce the energy consumption of the entire network by 99.95%.
Adams believes that “people grossly underestimate this aspect of fusion”.
Ripple Labs CEO Brad Garlinghouse tweeted that it was a “truly incredible technological feat,” and NFT Yuga Labs told its followers it was a “major step” in scaling Ethereum to its “first billion users.”
Congratulating Nischal Shetty, founder and CEO of Indian crypto exchange WazirX, noting that Ethereum is the “boss of smart contracts” that has played a huge role in building the Web3 ecosystem.
Even the Twitter account behind Dogecoin (DOGE), now the second largest PoW cryptocurrency by market cap, shared its “big congratulations” to Ethereum co-founder Vitalik Buterin and everyone involved in the merger.
However, others are skeptical about Ethereum’s new consensus mechanism.
Independent journalist Jordan Schachtel said that the merger effectively turned Ethereum into a “WEF (World Economic Forum) coin” that “by design puts all value and control in the hands of the people at the top.”
Cardano enthusiasts on the Cardanians_io Twitter account stated that the Ethereum merger will not change the high transaction fees and scalability issues.
The account adds that the Cardano Vasil fork will improve the scalability of the Cardano network. The account said that “Ethereum is basically catching up to Cardano.”
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Earlier this week, StarkWare President and co-founder Eli Ben-Sasson told Cointelegraph that the Ethereum merger is “like completing a rocket launch” in the sense that there is still a journey ahead of us.
According to Buterin, the merger was the first step in this five-step process that will eventually take the smart contract blockchain to the “end game” of Ethereum development.