Currently, The Merger interests of many people. In fact, 2022 is the year Ethereum’s proof of work (PoW) will end, but it will see the appearance of Ethereum 2.0 with proof of stake (PoS).
Miners have been waiting for this new version for a long time. The Merge ( la Fusion in French) is therefore this update very important for Ethereum which will reduce the costs of transaction fees and make this crypto-currency more ecological. Here’s everything to know about it!
The Merger of what?
The computer field constantly evolving, The world of cryptocurrencies is one of them. The current version of Ethereum, that is to say the Ethereum blockchain that uses proof of work, presents many problems in terms of resource consumption, but also in terms of the scalability of the network.
Basically, after 6 years of use, miners, for example, could see a significant increase in transaction fees. Therefore, the creation of a version that offers to reduce these transaction fees within everyone’s reach is necessary for the health of the Ethereum blockchain.
The transfer event proof of work and proof of commitments defines The Merge. With this initiative, it will help to reduce energy consumption. In addition, the security of the Ethereum network will be tightened thanks to this update.
The role of the Beacon Chain
The IS Beacon chain The new version of Ethereum plays a central role. In fact, it serves as a test and designs the new Ethereum version. With The Merge this will all change.
The Ethereum 1.0 network that runs on PoW and the Beacon chain that runs on PoS will merge. Then the PoW will be completely changed. Of course it will many consequences on the blockchain. However, not all history is lost and the funds will be more secure. The Beacon Chain will then be responsible for verifying new blocks, but will also ensure network security by validating with ETH.
Initially, there was no specific date for The Merge. The developers have always said that the new version will come in the near future. However, after July 15, the exact date was leaked. In fact, in the calendar, there was a date to be found in the work plan of one of the team members. So it is technically the September 19, 2022 what The Merge will be going on. As with all things, unexpected events and complications can occur and cause minor delays.
Once the update is in effect, you won’t have anything to worry about since none of the parameters will change during and after the transaction. Proof of work will only be converted to proof of commitment. Users will have access to funds and there will be no downtime for him.
What will happen to Ethereum after The Merge?
Vitalik Buterin, one of the co-founders of the project, promises that with the new version of Ethereum, transactions will be more numerous and faster. He confirmed that she will come to complete treatment 100,000 T/s. Moreover, The Merge is only the beginning of a long series of protocols. In total, there will be 5 stages of development.
First and foremost The Merge is the event everyone has been waiting for. It is the transition from proof of work to proof of promise by merging with the Beacon chain. Then yes The Sea, vsThis is the stage where the protocol will be shared. There will be scaling that will divide the networks into different parts called “shards”. This is necessary to balance the distribution of the calculations on the main network and to reduce the server load accordingly.
Then it will come The Corr which consists of updating Merkle proofs with Merkles trees and also optimizing data storage in Ethereum nodes. Will be after The Purge related to storing data for collectors and reducing the disk space needed to avoid network congestion.
End, The Splurge the fifth major step or the last planned development protocol that will aim to provide some updates to further facilitate transactions and the flow of data on the blockchain and optimize the previous protocols already in place.
Some false rumors about The Merge
There are a lot of misconceptions going around about The Merge. Many people do not do thorough research and do not settle for rumours. However, this baseless rumours can cause great confusion. So, here are some of those false rumors.
One of the often heard mistakes is that 32 ETH is needed to operate the node. Gentilesn ETH, there are two types of nodes. The first blocks, while the second does not. Although these nodes cannot offer blocks, the securities need them.
Transaction speeds will increase. DChanges will be made during The Merge, however transaction speed will remain as previously done according to the latest information.
The network will stop during The Merge: c‘yes completely false. Shutting down the network can have some negative effects. So there will be no stopping. Finally youAll the ETH present in the stake will be withdrawn: although some will be for security, it is only a small amount.
Finally, you have to pay attention to the information that is disseminated for the benefit of the project, but also to prepare for the arrival of The Merge which, although it is complicated on a technical point, give positive feedback to the Ethereum blockchain. Some cryptos like Ethereum Classic (ETH) also indirectly benefit from this future update.