- Ethereum’s Merge is complete, transitioning its network from Proof of Work to Proof of Stake.
- Insider compiled a list of podcasts that detail the upgrade’s impact on crypto’s ecosystem.
- Ethereum cofounder Vitalik Buterin and Coinbase CEO Brian Armstrong are both featured guests.
Ethereum’s highly anticipated upgrade, the Merge, has finally happened. It’s been seven years in the making, with some industry vets referring to it as the single-most important event in crypto’s history after the invention of bitcoin and ethereum.
It was the “most ambitious thing that’s ever been done in the industry,” Ben Edgington, a long-time developer and lead product owner at Ethereum software company ConsenSys, previously told Insider.
The upgrade is “fundamentally reengineering a chain which has hundreds of billions of dollars of value so we are swapping out the engine mid-flight,” Edgington said.
The upgrade will cut the network’s energy usage more than 99% by changing Ethereum’s consensus mechanism from Proof of Work to Proof of Stake. The Merge changes the economics of ethereum as well by reducing its issuance and making it a yield-bearing asset.
“The full infrastructure of Ethereum moves over onto this Proof of Stake platform so that’s all of the DeFi activities, all of the NFT activities, everything that is happening on Ethereum. That’s hundreds of billions of dollars worth of activity,” Edgington, who has been working on the upgrade for 4.5 years, said.
Insider compiled a list of 10 podcasts to help you better understand the Merge and its impact on crypto more broadly.