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Etherum has completed the crypto "merge" - NYTimes article
Posted on 9/15/22 at 6:18 pm
Posted on 9/15/22 at 6:18 pm
By David Yaffe-Bellany
David Yaffe-Bellany is The Times’s crypto reporter.
Sept. 15, 2022
Updated 11:14 a.m. ET
The moment finally arrived, in the last minutes before midnight on the West Coast on Wednesday.
After years of delays, discussions and frantic experimentation, the popular cryptocurrency platform Ethereum completed a long-awaited software upgrade known as the Merge, shifting to a more environmentally sustainable framework.
Ethereum is arguably the most crucial platform in the crypto industry, a layer of software infrastructure that forms the basis of thousands of applications handling more than $50 billion in customer funds. The upgrade is expected to reduce Ethereum’s energy consumption and set the stage for future improvements that will make the platform easier and cheaper to use.
Celebrations erupted on a YouTube livestream where engineers and researchers who worked on the Merge had gathered to mark the milestone. It was a rare moment of joy in a grim year for crypto that saw a devastating market crash drain nearly $1 trillion from the industry, forcing some prominent crypto companies into bankruptcy.
“This is going as well as it could so far,” said Danny Ryan, an Ethereum researcher who has worked on the Merge, as he celebrated with a group of colleagues.
Crypto users were on the lookout for any glitches that could complicate the transition. A flaw in the Merge could imperil the broader crypto industry, upending start-ups and sending the market into a tailspin. The cryptocurrency exchange Coinbase announced in August that it would pause certain Ethereum deposits and withdrawals during the Merge as a precautionary measure.
In interviews before the Merge, Ethereum developers said they had prepared for snags, though they downplayed the possibility of a systemwide collapse.
“I don’t want to claim everything will go perfectly without a hitch,” said Tim Beiko, who works for the Ethereum Foundation, a nonprofit that helps maintain the platform. “We’re kind of confident we won’t see network-level issues just because we’ve run through the thing so many times before.”
The technical details of the Merge are mind-bendingly complex. But, ultimately, the process boils down to a shift in how cryptocurrency transactions are verified.
By some estimates, Ethereum’s shift to a proof-of-stake system, in which winners are selected to verify an exchange, will reduce its energy consumption by more than 99 percent.
Bitcoin, the original and most valuable cryptocurrency, runs on a proof-of-work system. And, until the Merge, so did Ethereum. But the process is environmentally draining: To run all those computers requires an enormous amount of energy.
The Merge shifts Ethereum to a verification system called “proof of stake” that uses less energy. Unlike proof of work, the new framework does not involve an energy-guzzling computational race. Instead, participants deposit (or “stake”) a certain amount of their crypto savings in a pool, which enters them in a lottery. Every time a crypto transaction requires approval, a winner is selected to verify the exchange and receive a reward.
By some estimates, Ethereum’s shift to proof of stake will reduce its energy consumption by more than 99 percent. And the project’s developers say the switch will make it easier to design future updates that minimize so-called gas fees — the costs of executing a transaction in Ether, the cryptocurrency associated with the Ethereum platform.
The process of shifting Ethereum to proof of stake required years of intense study and debate. The platform was founded in 2013 by a teenage software engineer, Vitalik Buterin, who remains one of the most influential people in the crypto industry. Ethereum is now run by a loose network of coders from around the world. For months, they have gathered on video calls streamed on YouTube to discuss the intricacies of the Merge.
The shift to proof of stake took so long partly because it required the construction of an entirely new blockchain — the public ledger where cryptocurrency transactions are recorded for all to see. That new chain, the Beacon Chain, was unveiled in December 2020. A series of tests followed this year.
The Beacon Chain has now finally combined with the original Ethereum blockchain, signifying the “merge.”
David Yaffe-Bellany is The Times’s crypto reporter.
Sept. 15, 2022
Updated 11:14 a.m. ET
The moment finally arrived, in the last minutes before midnight on the West Coast on Wednesday.
After years of delays, discussions and frantic experimentation, the popular cryptocurrency platform Ethereum completed a long-awaited software upgrade known as the Merge, shifting to a more environmentally sustainable framework.
Ethereum is arguably the most crucial platform in the crypto industry, a layer of software infrastructure that forms the basis of thousands of applications handling more than $50 billion in customer funds. The upgrade is expected to reduce Ethereum’s energy consumption and set the stage for future improvements that will make the platform easier and cheaper to use.
Celebrations erupted on a YouTube livestream where engineers and researchers who worked on the Merge had gathered to mark the milestone. It was a rare moment of joy in a grim year for crypto that saw a devastating market crash drain nearly $1 trillion from the industry, forcing some prominent crypto companies into bankruptcy.
“This is going as well as it could so far,” said Danny Ryan, an Ethereum researcher who has worked on the Merge, as he celebrated with a group of colleagues.
Crypto users were on the lookout for any glitches that could complicate the transition. A flaw in the Merge could imperil the broader crypto industry, upending start-ups and sending the market into a tailspin. The cryptocurrency exchange Coinbase announced in August that it would pause certain Ethereum deposits and withdrawals during the Merge as a precautionary measure.
In interviews before the Merge, Ethereum developers said they had prepared for snags, though they downplayed the possibility of a systemwide collapse.
“I don’t want to claim everything will go perfectly without a hitch,” said Tim Beiko, who works for the Ethereum Foundation, a nonprofit that helps maintain the platform. “We’re kind of confident we won’t see network-level issues just because we’ve run through the thing so many times before.”
The technical details of the Merge are mind-bendingly complex. But, ultimately, the process boils down to a shift in how cryptocurrency transactions are verified.
By some estimates, Ethereum’s shift to a proof-of-stake system, in which winners are selected to verify an exchange, will reduce its energy consumption by more than 99 percent.
Bitcoin, the original and most valuable cryptocurrency, runs on a proof-of-work system. And, until the Merge, so did Ethereum. But the process is environmentally draining: To run all those computers requires an enormous amount of energy.
The Merge shifts Ethereum to a verification system called “proof of stake” that uses less energy. Unlike proof of work, the new framework does not involve an energy-guzzling computational race. Instead, participants deposit (or “stake”) a certain amount of their crypto savings in a pool, which enters them in a lottery. Every time a crypto transaction requires approval, a winner is selected to verify the exchange and receive a reward.
By some estimates, Ethereum’s shift to proof of stake will reduce its energy consumption by more than 99 percent. And the project’s developers say the switch will make it easier to design future updates that minimize so-called gas fees — the costs of executing a transaction in Ether, the cryptocurrency associated with the Ethereum platform.
The process of shifting Ethereum to proof of stake required years of intense study and debate. The platform was founded in 2013 by a teenage software engineer, Vitalik Buterin, who remains one of the most influential people in the crypto industry. Ethereum is now run by a loose network of coders from around the world. For months, they have gathered on video calls streamed on YouTube to discuss the intricacies of the Merge.
The shift to proof of stake took so long partly because it required the construction of an entirely new blockchain — the public ledger where cryptocurrency transactions are recorded for all to see. That new chain, the Beacon Chain, was unveiled in December 2020. A series of tests followed this year.
The Beacon Chain has now finally combined with the original Ethereum blockchain, signifying the “merge.”
Posted on 9/15/22 at 6:42 pm to Eurocat
I’m impressed it occurred without any major hiccups in the middle of the night. I was mentally prepared for some calamity.
Posted on 9/15/22 at 6:49 pm to Ross
Eth 2.0 still a long ways away but yeah that was very impressive from a tech standpoint
Posted on 9/15/22 at 8:32 pm to castorinho
There's really no ETH2.0, its just a series of upgrades over the coming years.
The merge going off without a hiccup is a really impressive feat.
Not sure why it triggered a dump, ETH is now deflationary as long as gas is > 15gwei.. the whole thing is super bullish
The merge going off without a hiccup is a really impressive feat.
Not sure why it triggered a dump, ETH is now deflationary as long as gas is > 15gwei.. the whole thing is super bullish
Posted on 9/15/22 at 9:23 pm to Hulkklogan
“Sell the news” and crypto as a whole is going to be dunked on as long as there are recession flags
Posted on 9/15/22 at 9:26 pm to Hulkklogan
quote:Could be the SEC saying today that the new staking process of ETH is likely to be classified as a security
Not sure why it triggered a dump,
Posted on 9/15/22 at 9:38 pm to TigerTatorTots
If classified as a security what happens?
Posted on 9/15/22 at 9:44 pm to TigerTatorTots
I dont really know shite but the little bit i understand, i dont know how it isnt a security.. deflationary so a terrible currency and you esrn reward for staking
Posted on 9/15/22 at 10:39 pm to 21JumpStreet
quote:
If classified as a security what happens?
Crypto shaves another 50% off it’s market cap and the US loses its title as the innovation leader
Posted on 9/15/22 at 10:47 pm to Hulkklogan
quote:
The merge going off without a hiccup is a really impressive feat.
agree
quote:
Not sure why it triggered a dump, ETH is now deflationary as long as gas is > 15gwei.. the whole thing is super bullish
disagree about it being bullish. dont know anyone who didnt see dumping immediately coming
Posted on 9/15/22 at 11:00 pm to Eurocat
Is it worth it to stake ETH after merge? I've done very little research but it seems your ETH is tied up for 2 years and a max of 15% apr? Not to mention buying the hardware and staying connected to internet 24/7? Just wondering if this is something I should take a longer look at or continue buying and holding
Posted on 9/15/22 at 11:28 pm to thatguy777
quote:
Is it worth it to stake ETH after merge? I've done very little research but it seems your ETH is tied up for 2 years and a max of 15% apr? Not to mention buying the hardware and staying connected to internet 24/7? Just wondering if this is something I should take a longer look at or continue buying and holding
probably not unless you had shitloads of eth back when it was like 300 bucks or less. although you can stake without setting up a node (dont need the hardware/24/7 internet) but you wont be getting 15% and im pretty sure some places will let you stake and withdraw before 2 years.
either way im out of ethereum i used to mine it a bit, but always traded it for other coins.. not a big fan of POS anyway so theres some bias disclosure.
Posted on 9/15/22 at 11:29 pm to AMS
Setting up a node now for ETH POW.
Posted on 9/15/22 at 11:30 pm to Jjdoc
quote:
Setting up a node now for ETH POW.
certainly will be staying away from that shitcoin
Posted on 9/16/22 at 6:42 am to AMS
quote:
disagree about it being bullish. dont know anyone who didnt see dumping immediately coming
But why? Its such a massive feat and eliminates one of the biggest critiques of the crypto industry. I thought it was time for a short term bear market pump.
This is why I just DCA
This post was edited on 9/16/22 at 7:02 am
Posted on 9/16/22 at 7:39 am to DallasTiger11
Should have been more specific. What happens to the ethereum chain? Don't think they can shut it down, like "banning" it right?
This post was edited on 9/16/22 at 7:41 am
Posted on 9/16/22 at 9:01 am to Hulkklogan
quote:
Not sure why it triggered a dump
ETH holders realizing the space is running out of suckers. The merge was supposed to bring the hype back to crypto space... and it fizzled. The only real price driver is hype.
Posted on 9/16/22 at 12:34 pm to Hulkklogan
quote:
But why? Its such a massive feat and eliminates one of the biggest critiques of the crypto industry. I thought it was time for a short term bear market pump.
This is why I just DCA
Critics of the crypto industry aren't the ones buying selling or holding crypto so that point doesn't really matter for price
Yes the feat was massive, but doesn't mean anything for price, it actually deleted incentive for miners to be involved which was a massive portion of eth users and sent them to other coins.
With eth you have to have shitloads of it to really benefit from pos, so not much benefit for small players. it's kind of a meh proposition.
Pos removes the closest thing to legit basis of price for crypto, the actual cost to produce it.
And an even bigger thing is new scrutiny for regulations since going pos .
Posted on 9/16/22 at 12:37 pm to 21JumpStreet
quote:
Should have been more specific. What happens to the ethereum chain? Don't think they can shut it down, like "banning" it right?
It's actually easier to be shut down banned or censored now that it's pos and more centralized.
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