What is Ethereum Merge ?
Ethereum merge is an upgrade to the Ethereum blockchain that will reduce its environmental impact, increase security in the network, and enable Ethereum developers to introduce new features and increase the scalability of the chain.
The Merge is an upgrade to the Ethereum blockchain, the technology that fuels the second largest cryptocurrency and other technologies in the crypto ecosystem like non-fungible tokens (NFTs). It’s expected to take place in September.
The Merge represents the joining of the existing execution layer of Ethereum (the Mainnet we use today) with its new proof-of-stake consensus layer, the Beacon Chain.
What date is The Merge?
After many delays, the process is expected to begin on Sept 6 with the actual Merge happening around Sept. 15, according to post published Wednesday by the Ethereum Foundation.
Will It affect gas fees ?
Gas fees are the cost of conducting a transaction on Ethereum, and they can skyrocket during busy periods (like when an NFT project is minting), potentially adding hundreds of dollars to transaction costs.
Unsurprisingly, nobody wanted to be gas rugged.
According to the Ethereum Foundation, the organisation behind the Ethereum blockchain, The Merge will have no “significantly change any parameters that directly influence network capacity or throughput”. This means, there won’t be any change in the gas fees.
So , gas reduce myth busted here.
Why this Ethereum Merge ?
Following The Merge, Ethereum should become a lot greener, leaving Bitcoin as the only major blockchain that still relies on proof-of-work. According to Ethereum Foundation, Ethereum’s energy consumption will be reduced by 99.95% following The Merge.
The merge will shift Ethereum to proof of stake.
What Is Proof of work?
Proof of Work is one of the main reasons why blockchain technology has a less-than-stellar environmental reputation. Together, the Bitcoin and Ethereum blockchains use more than 317 TWh hours of energy annually, which places them squarely between Italy and the United Kingdom in terms of electrical energy consumption.
And after merge it will be shifted to Proof of Stake
What Is Proof Of Stake?
Proof-of-stake consensus, which the Beacon Chain will bring to Ethereum, is orders of magnitude less energy-intensive than PoW — 99.95 percent less intensive. That’s because PoS doesn’t require nodes in the network to solve complex calculations. Instead, it ensures network security by having users stake an amount of their cryptocurrency in hopes that the system will randomly choose them as a block validator.
But is it really possible for the energy consumption to fall by that much?
“The Ethereum Foundation has said it’s going to fall by 99.5 percent,”
Will it affect transaction speed ?
Yes it will make it faster slightly,
Historically, on proof-of-work, the target was to have a new block every ~13.3 seconds. On the Beacon Chain, slots occur precisely every 12 seconds that is about 10% faster by reducing the block time.
What’s After The Merge ?
This will signal the end of proof-of-work for Ethereum and start the era of a more sustainable, eco-friendly Ethereum.
And also make it slightly faster and increase security in the network.
Thanks for your time.
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