What is Ethereum Merge?
Ethereum Merge stands out as the long-awaited update of Ethereum. With the Ethereum Merge update, there will be a transition from the Proof of Work (PoW) consensus mechanism to the Proof of Stake (PoS) consensus mechanism in Ethereum. This will mean significant gains and energy savings for the environment. Here, detailed information about Ethereum
The Ethereum blockchain consists of the technical infrastructure that allows countless Web3 applications and crypto and NFT projects to exist. At its most basic level, consolidation (sometimes called Ethereum 2.0, Eth 2, or ETH 2.0) will reduce its environmental impact, improve security on the network, and increase the new features and scalability of the chain for Ethereum developers. Merge is the most important upgrade in Ethereum history. Merge represents the merging of Ethereum’s mainnet, the execution layer used today, with the new proof-of-stake consensus layer, the Beacon Chain. It eliminates the need for energy-intensive crypto mining and secures the network using Staked ETH instead.
WHAT WILL ETHEREUM MERGE CHANGE?
If Ethereum Merge is successful, there will be a transition from a Proof of Work (PoW) consensus mechanism to a Proof of Stake (PoS) consensus mechanism. With this transition, Ethereum is expected to consume 99.95 percent less energy. On the other hand, Ethereum burns, which have already started and will gain strength with Ethereum 2.0, will continue to reduce the ETH supply. With the decreasing ETH supply, it is planned that inflation will decrease and even Ethereum will turn into a deflationary structure over time. In this context, adaptations of institutions and creators who are biased towards crypto due to environmental impact concerns, which are very frequently on the agenda, will be provided through the Ethereum ecosystem. Thus, the Ethereum usage area will also be expanded. One of the issues with Ethereum was the inability to support network security without expensive hardware equipment. With the transition to the PoS mechanism, this problem is planned to be resolved.
IS CRYPTO MINING FINISHED?
Miners will be greatly affected by the Merge process in the first place. It is claimed that this will completely stop mining and make many expensive equipment non-functional. In Ethereum Merge, more energy efficiency, a decrease in inflation and the disappearance of the equipment barrier come to the fore.
WHEN IS THE ETHEREUM MERGE UPDATE?
There is a very short time left for the Ethereum Merge update. Ethereum developers have announced that the update date will be September 15.