Crypto Missionaries, Social Media Integration: ‘Incredible Business’

Crypto Missionaries, Social Media Integration: ‘Incredible Business’

“We merged”; “built-in”.

These two hashtags were popular on the social network Twitter, hours after the historic update of the Ethereum, the blockchain that expanded bitcoin.

Crypto evangelists and social media celebrated this major event for the cryptocurrency industry. These observations reflect relief among developers of crypto uses, as well as investors and fans, who now hope to usher in a new era for this emerging industry.

The players here want to write the first pages of a new economy based on decentralized financial services.

big moment

“And we’re done!” Vitalik Buterin, co-founder of ethereum, said at the ceremony. โ€œMerge everyone. This is a huge moment for the Ethereum ecosystem. Everyone who helped make the merge should feel proud today.โ€

โ€œI can’t say enough about all the builders, researchers, curators, and more that made all of this happen,โ€ one Ethereum core and radical developer rejoiced. โ€œIt is absolutely incredible work to convert a globally used blockchain to PoS without most end users noticing or having to do anything. It is really incredible. Cheers.โ€

โ€œEthereum is about 10% faster at Proof of Stake. Previously, blocks were generated every 13.3 seconds on average. Now, blocks are generated every 12 seconds,โ€ said core Ethereum developer Preston van Loon.

Hence he mentioned that since the merger, transactions are a bit faster.

He was then asked if transaction fees, also known as gas fees, had also decreased.

“Has the gas limit changed too? Or do we effectively have 10% more throughput?”

“There is 10% more mass area per day. Well, a slight improvement in productivity!” answered.

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Environmentally friendly

The merger occurred at approximately 2:45 a.m. EDT on September 16th. Ethereum developers, investors and skeptics watched anxiously to see if the network would successfully begin proposing and approving new blocks of transactions via the new mechanism known as Proof of Stake.

Less than 15 minutes later, no technical issues were reported, indicating that the software update was successful. The event was followed by thousands of crypto enthusiasts with virtual Ethereum merge viewing parties, which were often broadcast live on YouTube. (The Google) .

This was the end of the energy-intensive transaction verification mechanism known as Proof of Work. This process puts computers or miners in competition. They had to solve math puzzles to win the right to validate the block of transactions visible to everyone on the platform.

Henceforth, Proof of Work is replaced by Proof of Stake and miners by validators. In this system, validators are recruited from among a pool of cryptocurrency owners. Each pays an entry fee to become an auditor.

The hope is that institutional investors who have been left on the sidelines – out of respect for ESG – can enter without risking sharp criticism from environmental activists.

The merger is said to reduce Ethereum’s power consumption by 99.95%, according to the Ethereum Foundation, a group of developers that oversee the blockchain.

โ€œThe merger will reduce electricity consumption worldwide by 0.2%,โ€ said Justin Drake, researcher at Ethereum.

Bitcoin lovers are not happy

Twitter was flooded with tweets from crypto enthusiasts celebrating the merger, often with funny posts and memes.

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“He’s merging too,” one Twitter user said, accompanying his post with a photo montage of a robot merging with former President Barack Obama.

โ€œYou are not bullish. We just merged and you werenโ€™t bullish,โ€ added another user who seemed to wonder why the price of Ether, the original token of Ethereum, had fallen after such a major event.

Ether prices fell 0.8% to $1,591.53 at the last pick, according to CoinGecko. The move in the second cryptocurrency by market capitalization appears to reflect concern about the health of the economy.

Merge also has its detractors, who mostly come from Bitcoin fans. In fact, Bitcoin, the blockchain for the first cryptocurrency by market cap, is still using Proof of Work.

โ€œThe merger is the most important event in crypto history. Letโ€™s delve into the reasons,โ€ said Marty Bent, founder of TFTC, a bitcoin-focused media company.

“It will be recognized as the greatest sign of virtue we have sinned at that we will be able to laugh at for decades to come.”

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