Co-founder Vitalik Buterin joined the “Ethereum Mainnet Merge Viewing Party” livestream, organised by the Ethereum Foundation, as the huge Ethereum (ETH) Merge neared its conclusion and offered his closing remarks, as reported by Cointelegraph.
According to Cryptoslate, Buterin said he is “very enthusiastic about being exited from the proof-of-work era” when asked if he was excited about the Merge. The co-founder continued by saying that it has been planned for years to make the network’s historic switch from proof-of-work (PoW) to proof-of-stake (PoS).
“It has obviously been a dream for the Ethereum ecosystem since pretty much the beginning. We started the proof-of-stake research with that blog post on Slosher back in January 2014,” Buterin added.
Buterin argues that the laws of physics are being reinvented by The Merge. PoW uses functionalities found in everyday objects like hardware, electricity, and computers to function. In contrast, PoS virtualizes everything, “essentially enabling us to create a simulation of the cosmos with its own mechanics.”
According to Buterin, exorbitant expenses and enormous energy consumption are two of the primary drivers of the decision. According to claims, The Merge significantly reduces energy use by 99.95%, Cointelegraph noted.
He added that this will benefit “non-environmental externalities” as well as the environment, which has been a heated topic among environmentalists regarding the crypto area. The price increase of GPUs brought on by ETH mining was used as an example.
(With insights from Cointelegraph)