In the most significant milestone of the crypto industry, Ethereum’s Merge’s name has also been added. Now, Ethereum has become a proof-of-stake (PoS) foundation from proof-of-work. Ethereum is the very first cryptocurrency company that has taken the step of transferring its mechanism while already being in business. As per the reports, the energy consumption of Ethereum will go down to around 99.9%.
The company’s developers are stating that this move will make its eco-system more scalable while enhancing its security level. The process of transfer went around for 15 minutes, and the whole crypto industry welcomed it with open hands. The valuation of the Ethereum token also went up to $1600.
Take a look at what the crypto world thinks about the new Merge.
- Ashish Singhal, Co-founder, and CEO of CoinSwitch said it is a historic moment for the whole crypto industry. This can be considered an instance of using technology to revamp the lack of technology. In addition, energy consumption is a crucial topic for the whole world, promoting sustainability.
- Vikram Subburaj, the CEO of Giottus Crypto Platform, said that the Merge happened in a streamlined manner. This is a milestone for the whole crypto industry. Now the emphasis should be given to two aspects: demand and supply. The current system of Ethereum has gone from miners to stakes. So the rewards will return to the picture, followed by the Shanghai fork, which can happen soon. Giottus will also celebrate the Merge by providing a zero-fee ETH trade window on Merge day.
- Edul Patel, the CEO and Co-founder of Mudrex said that the whole crypto world was waiting for the Merge throughout the year. Now, Ethereum has completed the Merge successfully and has been able to convert its mechanism from PoW to PoS. Ethereum may not see any significant change in its valuation, but it will happen soon. The possibility is that Ethereum might reach a valuation of $2000 in the upcoming weeks or months.
