The Merge is about to see the light of day! Ethereum will abandon its old Proof of Work system to move towards Proof of Stake. This blend is split into two parts with, first, “Bellatrix”, then “Paris”. With this, Ethereum should get a real boost compared to other emerging cryptocurrencies. The Merge has the great advantage of reducing Ethereum’s energy consumption and reducing transaction costs to zero.
for now, 74% of nodes are ready to migrate until the last step. Bellatrix should enable the Beacon Chain to execute transactions! It is seen as the last bulwark before the transition to PoS scheduled between 10 and 20 September.
Bellatrix to be finished soon, what will it bring?
Bellatrix was announced for this September 6, but 26.5% of nodes are still unmarked as ready for “The Merge”. Co-founder of Ethereum Vitalikhe has also made an announcement on his Twitter account to ask the remaining operators to carry out the update.
The merger is expected to take place around September 13-15. What’s happening today is Bellatrix’s hard fork, which *prepares* the chain for the merge. Still important though – make sure to update your customers!
— vitalik.eth (@VitalikButerin) September 6, 2022
If they don’t hurry to do so, they will be stuck on a channel that doesn’t fit. Here are Vitalik’s exact words on the matter:
Node operators will be stuck on an incompatible chain after the old rules and will not be able to send Ether or work on the Post-Merge Ethereum network.
When Bellatrix is finished, the leading team will be able to go to the event in Paris which date is estimated for 15 September. To trigger this, the TTD (total terminal difficulty) must reach 58,750,000,000,000,000,000,000 The TTD shows all the difficulties accumulated in the network. In other words, it shows the difficulty of Ethereum mining by operators.
Bellatrix, what are the advantages for Ethereum?
Bellatrix is basically an update to the Beacon Chain. The Beacon Chain is a blockchain that launched in 2020 and is evolving with Ethereum. Its sole mission will be to secure crypto exchanges with the Proof of Stake system. In crypto jargon, the CHAin Beacon can also be referred to as a consensus layer.
The Bellatrix update will therefore prepare the blockchain for the merge. It will dramatically change the way trade execution works. In the old version, it had to be ETH miners to validate the transactions. Those days will soon be over and collectors need to be in charge of this system. Also known as Proof of Stake, exchanges are controlled by nodes with the most tokens unlike PoW which requires a lot of computing power to support. With these changes, ETH is in danger of going to another level and seeing its value climb. To follow the evolution of ETH, we recommend you to visit our detailed real-time crypto prices page.
This process has the advantage of greatly reducing the energy required by ETH to operate. This will lead to a significant reduction in transaction fees for cryptocurrency. The Ethereum team explains it very well through a diagram shown below.
What nodes Ethereum points to Bellatrix?
If you’re having trouble understanding this concept, that’s normal. Imagine that Ethereum is a network made up of computers that must run software called “nodes”. For them to work, you must have an interface on this same computer which we will call “client”.
These nodes are responsible for verifying and validating all transactions of an entire network. Nodes are provided by Ethereum users. The latter often have a large number of tokens and have every interest in guaranteeing the security of the system. The value of their tokens greatly depends on it. The PoS system makes this verification much easier since the nodes do not need to have high computing power to validate them. By removing this computing power, we quickly understand why Ethereum will reduce its transaction costs so much.
It is still possible to invest in The Merge
He … is not you only have a week left if you want to invest in Ethereum before The Merge. It is very likely that the coming of the merger will result in stronger demand and an increase in trade in the coming months and years. Investors have already prepared their plan to take advantage of this announcement as much as possible. But it is not too late, Ethereum is destined to be a crypto in operation for many years. This update will definitely give ETH a chance to compete with other emerging cryptos for a long time. Some predictions estimate that Ethereum could multiply its value by 5 within a few years.
To invest, the process is very simple. All you have to do is go to an exchange platform like Coinbase or Binance. By owning ETH tokens, these will automatically make the transition with the arrival of The Merge around September 13/15. Only the nodes need to act for this merge!
Crypto-assets are a risky investment.