Ethereum “Merge” will Change Crypto Forever

Jamal Molla
Written By Jamal Molla
Jamal is an English teacher and freelance writer with a passion for NFTs, metaverse, crypto and technology.

The Ethereum community is excited about the proposed merging plans for the Ethereum project. They believe that Ethereum “Merge” will change crypto forever.

Via a Zoom call on technical matters, Ethereum developers were seen in celebrative mood as the “merge,” considered “the most important technological upgrade in the history of crypto” will soon take place in mid-September.

What is the Merge?

Over the years, the Ethereum project has been identified by several terms such as Eth2, Ethereum 2.0, and ETH 2.0. However, the Ethereum community recently settled on a simple name: merge.

The merge was planned for years as an Ethereum upgrade to improve the network. It is considered the most important of all such upgrades to date. If the merge is successful, developers can leverage the success to incorporate new features into the network and generally improve its performance.

The main public Ethereum blockchain, otherwise known as Ethereum Mainnet, and Beacon Chain will be merged to form a single chain because they currently exist in parallel. Of the two, only the Ethereum Mainnet processes transactions through a proof-of-work mechanism.

Related: Ethereum is Neither Decentralized nor Deflationary despite Rising Prices

Proof-of-Stake

After merging the duo, the Ethereum Mainnet will replace its proof-of-work mechanism with proof-of-stake.

Explaining how the adopted mechanism will affect Ethereum, Fortune noted that “Once Ethereum shifts to a proof-of-stake consensus mechanism post-merge, the network will rely on trusted entities known as validators to verify transactions and add new blocks to the blockchain.

A validator will be chosen at random each time a new block is to be added, which will occur every 12 seconds or so post-merge.” Prospective validators can apply for the post by depositing 32 ETH to give them a stake in the network’s success.

As explained by the Ethereum Foundation, intending validators will join “an activation queue that limits the rate of new validators joining the network.” Subsequently, an activated validator can review and approve Ethereum network-proposed new blocks to its blockchain. Validators are rewarded with Ether for improving the network’s security.

The merge has received mixed reactions from the Ethereum community and critics. While the former supports the merge, the latter concerned about the possible reduced security and centralization that may result from the merge.

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