The Merge is a significant update to the Ethereum blockchain network. Find out in this article when this operation was carried out and what changes it brought about.
Ethereum has over $200 billion in capital currently.t, which makes it the second cryptocurrency in the market, after Bitcoin. For months the sale of ETH has been increasing in number, but there has been a very important change in the Ethereum Blockchain network: The fusion. Find out when this long-awaited update was released and what changes it brings.
What to know about fusion
The Merge is a kind of upgrade for Ethereum. consists of the migration of the Ethereum Blockchain network to a new consensus algorithm that aims to abandon Proof of Work in favor of Proof of Stake or Proof of Stake. Which makes The Merge mark a new beginning towards an Ethereum 2.0 with a Proof of Stake Blockchain or PoS network.
This fusion of Ethereum helps make ETH transactions more secure by leaning towards proof-of-stake PoS. However, this leads to the abandonment of widely used energy-intensive mining in PoW or Proof of Work. Many people believe that after The Merge, Ethereum would no longer consume too much electricity, a reduction of up to 99%.
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When did the Ethereum Meltdown take place?
Merge is a capacity upgrade of the Ethereum network, a migration to the Proof of Stake blockchain.
The TTD represents the difficulty level of the last block mined in Proof of Work or PoW and thus the next block is produced via PoS or Proof of Stake.
In blockchains, the accounting system does not work by days or hours, but by blocks. Therefore, the Ethereum merger did not have a specific date, but rather a series of blocks.
Always beware of scams even after this Ethereum cryptocurrency upgrade to avoid losing money as some people will try to cheat users.
The consequences of the Ethereum merger
The Ethereum network blockchain has become a hard fork. The latter consists of the separation of the network into 2 different blockchains:
- Ethereum 2.0 with Blockchain Proof of Stake or PoS;
- Ethereum 1.0 with Blockchain PoW or Proof of Work.
Transactions or other operations during The Merge on Ethereum PoW are discouraged. The reason is simple, it is possible that robots are faster than you. Therefore, during any operation, they will have the opportunity to earn more money than you thanks to their speed. Such a situation leads to a loss of money. By the way, the price of Ethereum 2.0 or Ethereum PoW or Proof of Work after the merger has not been determined yet.
More updates on this cryptocurrency are still expected. These aim to reduce transaction fees and increase their frequency.
Also, while the price of cryptocurrencies is currently at a low, this news could suggest a rebound for ETH… But investors may be disappointed that the price is falling. Read this analysis to understand why the price of Ethereum falls after “The Merge”!
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The impacts of this update
Several things will change after The Merge, the main ones being:
The transformation of your ETH from your cryptocurrency wallet
Aside from the upcoming updates, ETH users or holders will not have to transform or convert their Ethers as this is done automatically once the merger is complete. Your ETH cryptocurrencies in your wallet before The Merge will be converted automatically. So you won’t have to worry about your ETH cryptocurrencies in your wallet before The Merge because they will be converted automatically.
The Ethereum merger is an update or change to the consensus mechanism, not an expansion of network capacity. what does that dono changes will be made to the rates in the blockchain of this cryptocurrency after The Merge. In other words, the fees remain the same even after this merger.
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