It has been a long time since the switch to proof-of-stake was made. The upgrade process has been in the works for a long time. Today's transition reduces the energy consumption of the company by 99%.
Proof-of-work is a consensus mechanism that requires a lot of computational effort from all the Decentralized Nodes.
The proof-of-stake mechanism has a big impact on the work of the ethereum block chain. It eliminates the need for new blocks to be mined as the network is secure.
On December 1st, 2020, a separate proof-of-stake beacon chain was launched. It was running in the same way.
The Bellatrix upgrade was released by the community in order to begin the process of merging. The community decided to swap the proof-of-work chain with the proof-of-stake chain when they hit a certain Total Terminal Difficulty value.
The second part of the transition called the Paris upgrade was triggered earlier today.
We finalized. All of us are happy about merging. It's a big moment for the platform. Vitalik Buterin said that everyone who helped make the merger happen should be proud.
This is what the process looks like thanks to a chart from the ethereum foundation.
What does it mean for people who use ether? Things won't change a lot as it's an infrastructure upgrade. Transactions, wallet and addresses are the same.
The news of the less electricity consumption by the ether block is amazing. Rollup contracts will be the focus of many developers in the near future.
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