Ethereum’s long-awaited transition from proof of work to proof of stake is finally upon us. The event, also known as the merge, occurred at 2:45 am EST on September 15, opening a brand new chapter in the history of the industry’s second-largest cryptocurrency.
Ethereum developers, experts, and the broader community members have been flocking in numbers to Twitter to share their thoughts on the event, with Ethereum co-founder Vitalik Buterin being among the first to express his gratitude to all who helped make the merge a success.
“Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today,” wrote Buterin.
Martin Köppelmann, the co-founder of Gnosis, also pointed to the “amazing stability” of block times after the transition, noting that the network only missed one block out of the 100 last blocks.
The block times of the last 100 blocks!Amazing stability after the merge! Only 1 missed block.This is really the best case scenario! pic.twitter.com/dV1PF70vCL
— Martin Köppelmann 🇺🇦 (@koeppelmann) September 15, 2022
The Ethereum Foundation previously stated the merge will result in a 99.95% decrease in the network’s electricity usage, something developers highlighted today as well.
“When you meet on Reddit and 4 years later reduce the world’s electricity consumption by 0.5%,” Raul Jordan, co-founder at Prysmatic Labs, wrote as he shared a photo of him posing together with the team member van Loon.
When you meet on Reddit and 4 years later reduce the world’s electricity consumption by 0.5% #EthereumMerge @prylabs @preston_vanloon pic.twitter.com/vxP2VoHIJG
— rauljordan.eth (@rauljordaneth) September 15, 2022
Ethereum critics weigh in
Inevitably, some high-profile critics of Ethereum—largely from the Bitcoin maximalists camp—had their say on the event too.
“ETH fanboys watching the merge with anticipation is funny. There can be no technical failures in Ethereum because Ethereum’s existence isn’t predicated on any technology – it already failed in 2016 with the DAO fork. What exists today is a database run by a marketing company,” Samson Mow, who recently left his role as chief strategy officer at Blockstream to helm JAN3, a company that is on a mission “to accelerate hyperbitcoinization,” tweeted prior to the merge.
ETH fanboys watching the Merge with anticipation is funny. There can be no technical failures in Ethereum because Ethereum’s existence isn’t predicated on any technology – it already failed in 2016 with the DAO fork. What exists today is a database run by a marketing company. pic.twitter.com/prCltJ78w5
— Samson Mow (@Excellion) September 15, 2022
Marty Bent, the founder of a Bitcoin-focused media company TFTC said “the merge is the most important event in crypto history,” before diving into the reasons why.
According to Bent, the merge “will be recognized as the biggest virtue signal gone wrong that we’ll all be able to laugh at for decades into the future.”
“It’s all about the energy, stupid. Those who don’t realize this and actively run away from energy usage deserve what they get,” he added, referring to the popular idea of proof-of-work being the only right consensus mechanism to secure blockchain networks.
It’s all about the energy, stupid. Those who don’t realize this and actively run away from energy usage deserve what they get.
— Marty Bent (@MartyBent) September 15, 2022