The Ethereum Merge (also known as Ethereum 2.0) has been slated to occur between the 6th-20th of September. The final ‘Bellatrix’ upgrade before the Merge occurred yesterday – on Tuesday – so all is set! 🕺
The upcoming Merge aims to improve the efficiency of Ethereum by switching from Proof-of-Work to Proof-of-Stake (which is more energy-efficient and scalable).
This Merge will divide the Ethereum network into smaller data blocks (known as Sharding), decentralise the Ethereum blockchain and make it more effective 🚀
How The Merge Will Affect Ethereum
1. Users will enjoy faster processing speed (imagine 100,000 transactions in 1 second!) & the blockchain will offer better security, which means hacking Ethereum would be almost impossible after the Merge – wahala for hackers!
2. Ethereum 2.0 also aims to drastically reduce carbon footprint by over 99.5%. A single transaction will consume only about 35 watts of electricity, and less energy will be required to verify Crypto transactions.
3. You might also want to keep in mind that this Merge will most likely not reduce high gas (transaction) fees, but it WILL be a great improvement for users, and yes, your assets will be safe before, during and after this upgrade – so no worries there!
Speaking of security, Crypto platforms Coinbase and Binance recently stated that they’d briefly pause new Ethereum and ERC-20 token deposits and withdrawals during the Merge (to protect funds from price volatility), so you might want to keep that in mind.
Now, a couple of people have asked; “what if the Merge fails?”
Chances are it won’t – at least the experts don’t think so. But time will tell, shey? 🤝
In the meantime, we hope this helps you gain a clearer understanding of the Merge now – you’re welcome 😉