The Ethereum Merge is Officially Here
After many delays at long last the new era of the Ethereum network is here as the second largest cryptocurrency activates The Merge.
The massive update transitions Ethereum from the mining based Proof-of-Work (PoW) consensus mechanism to Proof-of-Stake (PoS).
This change will allow Ethereum users to stake their tokens in exchange for rewards. In addition this will transform the network into a sustainable energy model for processing and authentication of crypto transactions. The network is expected to be 99.9% more energy efficient after the full implementation.
The Merge will also have a huge impact on the inflation rate of ETH. The Ethereum Foundation claims that the number of new ETH going in circulation will drastically decrease.
Before The Merge 13,000 ETH were mined each day – a very large number, which will drop to about 1,600.
However, the only thing this update won’t fix is the high cost of doing business on the Ethereum blockchain. Transaction costs won’t be influenced – at least not until further upgrades are implemented.
Network’s speed is also expected to remain unphased.
During the countdown party, Vitalik Buterin said that the network is one step closer to reaching the vision of its founders.
This is the first step in Ethereum’s big journey towards becoming a very mature system. And still there is more road ahead. We still have to scale.. We still have to fix our personal data security. We still have to make everything secure for the regular users and all that stuff. And I think that we all have to work together and contribute for these things to happen.
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Buterin shared that for him The Merge symbolizes the difference between Ethereum in its early stages and the Ethereum everyone has longed to see.
So let’s go together and build the rest of this ecosystem and turn Ethereum into what we always wanted it to be.
A group known as ETHW Core aims to fork the main blockchain and start a mining based version of the network. The fork offers the opportunity for everyone who owns ETH to receive the equivalent number of newly forked tokens.
ETHW Core Announced the Plan for Mainnet#ethereum #ethw #ethereummerge #ethereumfork $ethw $eth #ethpow
1/n pic.twitter.com/cnYOW6l1iU
— EthereumPoW (ETHW) Official (@EthereumPoW) September 12, 2022
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
