Ethereum has completed a fundamental revamp of its network, thereby marking a significant step in the crypto world with its ambitious software upgrade, which will pave the way for changes that could fuel more usage of the commercial blockchain.
According to a Twitter post by Vitalik Buterin, Ethereum co-founder, the upgrade called the Merge was completed early on Thursday, September 15th. The change updated power-hungry computers used to order transactions on the network with a more energy-efficient setup in which piles of the network’s native token, Ether, are placed in unique wallets. As a result of which, Ethereum’s energy consumption will decline by a record 99%, a massive victory for the organization.
“This is the first step in Ethereum’s big journey toward being a very mature system,” Buterin said during an online Merge viewing party. In this public video call, developers tracked live progress on the switch. “And there are steps left to go. We still have to scale; we have to fix privacy. To me, the Merge symbolizes the difference between an early stage Ethereum and the Ethereum we’ve always wanted.”
