Ethereum is in for a significant transition and it has got the users and investors excited. The much-anticipated witch from proof of work to proof of stake would mean a cauldron of changes for the cryptocurrency. Quite naturally Twitter Town is gushing over this new upgrade which is finally here. Read along to know more about the merge.
The What and Why
In very simple terms, the Merge is nothing but Ethereum’s switch from proof of work blockchain to proof of stake. Proof of work is an energy-intensive way of keeping the network secure and uses up a lot of electricity to facilitate the processing of new transactions on the network.
Proof of stake is quite different from proof of work on the grounds that it requires validators in place of miners. Any individual with at least 32 ETH to “stake” or “pledge” can become a validator. Even users with relatively smaller amounts of ETH can take part through staking pools or cryptocurrency exchanges. Ethereum’s switch to this consensus mechanism is also a solution for the heavy energy consumption of the proof of work blockchain. According to the claims of the Ethereum Foundation, the upgrade will make the network over 99 percent energy efficient. However, the upgrade is not going to be a solution for all of Ethereum’s issues like its throughput and capacity. At least, not yet. Perhaps in the near future, the upgrade might prove to be an effective solution.
Ever since the news of the upgrade began doing its rounds, there were rumors about how the upgrade will make Ethereum faster and cheaper. This is far from the truth. Again, we cannot completely overrule the possibilities the future holds.
While the move to proof of stake ensures a more energy-efficient blockchain, it doesn’t make transactions any quicker than before. Because according to the Ethereum Foundation, with proof of stake, blocks will be produced only 10 percent more frequently than before. The prospect of fast transactions is quite alluring. However, the users will probably have to wait a bit longer.
According to the Ethereum Foundation, “Though some slight changes exist, transaction speed will mostly remain the same on layer 1. This is a fairly insignificant change and is unlikely to be noticed by users.”
Not just the speed, the upgrade will not have any substantial effect on Ethereum’s insanely high gas fees. Although it is quite possible that the cost might come down with future upgrades.
The #merge is here…
Like and share if you are ready for a first step of a new bright #WEB3 future with #Ethereum #EthereumMerge pic.twitter.com/xm2chmSiiD
— Mr.Mori (@M_Mori_NFT) September 15, 2022
https://twitter.com/ispionline/status/1570290298559037441?s=20&t=XBGxpR9f3IEOCHaRTXtuFQ
The #EthereumMerge is a big step for #Crypto and a win for the planet! With 99.95% less energy consumption our industry is making significant strides towards #sustainability.
The future is green and this is our time #GroveGreenArmy!#GroveToken #ETH #BSC #SAFEMOON #BabyDogeCoin— JohnG (@JohnGh87) September 14, 2022
Hours away from the long awaited Ethereum merge
huge buy orders bunching up at around 600 USD!Mind bending tricks at it's best…#ethereummerge pic.twitter.com/gjtw2thHhi
— Ari Rudd (@AriRudd) September 15, 2022
Less than 20 hours! #EthereumMerge pic.twitter.com/xhTSvvhDZe
— Granit Walletor (We're hiring) (@granitwalletor) September 14, 2022
