On September 15, 2022, it was reported that the first era of the Ethereum Merger has been successfully completed.
This was announced by the project’s co-founder Vitalik Buterin. He assured: this is an important moment for the development of the entire Ethereum ecosystem. According to him, everyone who helped make the Merger happen should feel proud today.
According to official data from the developers of the Ethereum network, The Merge was activated on September 15, 2022. Currently, all transactions are processed based on Proof-of-Stake (PoS) algorithm ownership confirmation. At the time of activation, the programmers wrote that the first slot had not yet been processed, it was supposed to happen within 12 minutes. They were waiting for the end of the 146876 epoch.
The Ethereum Foundation also reported that about 4% of validators fell victim to failures after the activation of Merge. The company noted: this is not enough to affect the network. Participants may need time to fix configuration issues, after which they will return to the network.
According to experts, the Merge update, which moved Ethereum from Proof of Work (PoW) to Proof of Ownership (PoS) is one of the biggest technological developments in the cryptocurrency industry in its history.
The Merge update was activated at the agreed total terminal complexity (TTD) in the Ethereum proof-of-work chain. This update has been in development since 2020 and was the last step of the transition.