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The Much-Awaited Ethereum Merge Happened!

date_range September 26, 2022
person Vanessa MagicSquare
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Welcome to the post-merge world!☀️ Before we dig into the possibilities of the merge and a better world with PoS, let’s get to the fundamentals of Ethereum’s Merge! 

The Ethereum merge took years of detailed planning, execution, and untold hard work to successfully launch! Now, Ethereum runs on a Proof of Stake system.

Receiving much delight among the crypto community and beyond, the shift is leading us to usher in a new era of blockchain.

The Merge Unfolded

The Merge refers to the transition of the Ethereum mainnet from Proof-of-Work to Proof-of-Stake. 

The PoS switch would allow Ethereum to minimize its energy consumption by 99%, resulting in a more energy-efficient and attractive option for wider institutional adoption.

The Merge, on the other hand, did not appear out of thin air. Its process has been in the works for years, starting with the launch of the Beacon chain on December 1, 2020. The Beacon Chain operated in parallel with the mainnet until the Bellatrix update was activated on September 6th. Upon this merge, the Beacon Chain effectively becomes the consensus engine for all network data, including the transactions at the execution layer and all account balances.

Beginning of a New Evolution

The successful completion of the merge sets its sights on becoming a more scalable network capable of executing up to 100,000 transactions per second, paving the way for launching more applications.

This is great news for us at Magic Square, as our platform will support a broader range of applications, offering users more options and further fostering an authentic yet decentralized environment.

Although it is predicted that Ethereum will implement sharding at some point in its evolution, the emergence of capable layer 2 solutions on the network could further determine how scalability will play out in the ecosystem.

Now, let us bask in the excitement of the successful merge while we anticipate more success stories.