Musician Jonathan Mann celebrated the merger with “No more Power Surge” and “ETH to the Moon”.
The Ethereum blockchain recently completed a step towards a long-awaited upgrade that will improve the platform by moving towards Proof-of-Stake (PoS) consensus. The Ropsten testnet successfully transitioned to PoS in what has been described as a “dress rehearsal” for the Ethereum blockchain.
Because the network uses a Proof-of-Work (PoW) mining model that consumes a lot of electricity, the Ethereum platform is often criticized along with Bitcoin (BTC) for its environmental impact. With the transition to PoS, power consumption problems are solved, and the platform becomes more scalable and able to process more transactions per second.
According to the Ethereum Foundation, after the transition from Ropsten, the Goerli and Sepolia testnets must be converted to PoS before moving to the mainnet. The Rinkeby and Kovan testnets may be maintained by the community, but are no longer controlled by the client developers.
Community members rejoiced at this event. Musician Jonathan Mann celebrated the merger by performing a Ropsten-Merge themed song and singing lyrics such as “No more Stromwelle” and “ETH to the Moon”.
Roberto Nixon, founder of Metav3rse, called the event a “huge milestone” and a “historic event”. He believes that this is one of the most important developments in the history of cryptography, since the integration of the mainnet into PoS also depends on the success of the testnet.
Paritosh Jayanti, an Ethereum developer, congratulated the people who worked on the merger. Although Jayanti mentioned that there are still some bugs, he noted that fixes are on the way and that the team will be monitoring the chain in the coming weeks.
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The development of Ethereum’s transition to PoS came just in time for New York to crack down on PoW mining. Last week, the New York State Senate passed a bill aimed at imposing a mining ban on PoW systems.
While some expect the price of Ether (ETH) to turn bullish after the merger, the news did not have much of an impact on the price of the digital asset. Despite successful testnet integration, traders still adjusted their ETH price target to $1,400 per ETH.