Let’s recap what happened a little over a month ago. On the 15th of September, 2022 – Ethereum – the largest smart contract-capable blockchain network underwent one of the biggest transitions to ever happen in any crypto in history. The Ethereum network underwent something called the Merge which transitioned this behemoth of a network, the second largest in the world by market cap – from a proof-of-work to a proof-of-stake consensus mechanism.
This is the first step in a long plan to transition Ethereum into the future, where gas fees are low, transaction speeds are high, at least at par with its competitors and eventually maintain its position as the biggest smart contract-capable blockchain platform out there.
