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Sirwin

How the Ethereum Merge Will Help to Lower Gas Fees | WIN a chance of 1 ETH!

By CryptoJD | Crypto Enthusiast | 14 Sep 2022


The ETH Merge has been a long-awaited event for a while now. It's basically the most significant upgrade in ETH's history so far. This will mark the end of proof-of-work for Ethereum, and the full transition to proof-of-stake.

The Merge is an important event because it will help Ethereum scale to meet the demands of its growing user base. There are currently over 25 million ETH addresses, and the network is only able to handle about 15 transactions per second. The Merge will help increase this to around 100,000 transactions per second.

The Merge is also an important event because it will help Ethereum transition to a more sustainable model. Proof-of-work is a very energy-intensive process, and it's not sustainable in the long term. Proof-of-stake, on the other hand, is much more energy-efficient.

The ETH Merge is scheduled to happen tomorrow less than 15 hours as of this writing. It's a very exciting time for the Ethereum community, and we can't wait to see what the future holds for this incredible project.

The Ethereum Merge will reduce gas fees on the network by approximately how much?

Most people think that "The Merge" will alter Ethereum's gas fees, but it won't. It doesn't expand the network capacity, nor does it provide more efficient transaction structures.

The Merge is a change of consensus mechanism for Ethereum blockchain that would see the network increase its transaction capacity.

Currently, the Ethereum blockchain processes transactions in a "first come, first served" basis. However, The Merge will change this to a "priority queue" system. Under the priority queue system, transactions that are more important, or that are willing to pay more gas fees, will be processed first.

To explain why it won't alter the gas fees, first we have to understand how gas fees work.

As the network reaches maximum capacity and demand remains high, gas fees will go up. However, lower fees may occur when demand stays the same or decreases and network capacity does not max out. The Merge does not influence this correlation, although future upgrades may offer improvements.

The key here is that as the network reaches full capacity, there are more people trying to use the network than there is space. This creates congestion and raises fees. The good news is that as the network grows, this problem will likely become less and less common. Additionally, if demand for the network decreases, fees may also decrease.

That's where L2 roll-up players kick in!

The L2 rollups space is very promising, with many developments that promise cheaper and faster network transactions within the Ethereum ecosystem. We believe that this is a great way to scale the Ethereum network and make it more efficient - Arbitrum, Optimism, ZkSync, StarkWare and Polygon and etc.

The Merge Is Coming: What You Need to Know!

Ethereum has been through a lot of changes since it was first launched in 2015. The most recent and significant change has been the deployment of the Beacon Chain, which is a proof-of-stake consensus layer. The Merge is an upcoming event that will see the existing execution layer (Ethereum 2.0) merged with the Beacon Chain, forming a mainnet platform that is secured by proof-of-stake. This is a huge milestone for Ethereum and will mark a new era for the platform.

The Merge is a natural next step in the evolution of Ethereum. The Beacon Chain provides a more secure and efficient way of consensus, and by merging the two layers, we will have a platform that is much more powerful and scalable. The main benefits of The Merge are:

Security: The proof-of-stake consensus of the Beacon Chain will make Ethereum much more secure against attacks.

Scalability: The Merge will allow Ethereum to scale much better than before, as the Beacon Chain can handle a much larger number of transactions.

Stability: The new platform will be more stable, as it will be less reliant on miners.

The Merge is a crucial step in the development of Ethereum and will pave the way for a bright future for the platform.

READ MORE:  ETH 2 Merge: What the Community Needs to Know

Learn All About The Upcoming ETH Merge With The Official CoinMarketCap Merge Quiz!

Step 1 - Post your thoughts in the Live Discussion with the #CMCETHMerge hashtag.

Step 2 - Post your thoughts on Twitter with the #CMCETHMerge hashtag. (must include this page link)

Step 3 - Complete all 16 questions of the quiz - then cross your fingers! 🤞

Just to make it easier for you, here are the lists of answers and questions on the quiz.

1-6: Basic information and verification questions!
7. The Ethereum Merge will reduce gas fees on the network by approximately how much?

0%

 8. Following the Ethereum Merge, how long will it take for a new block to be generated?

13 seconds

9. The Ethereum Merge will reduce transaction times on the network by approximately how much?

10%

10. Which of the following are possible actions that ETH miners might undertake following the Merge?

the potential fork of proof-of-work Ethereum, which will allow miners to continue their operations.

11. What is the current proof-of-stake Beacon Chain staking reward APR?

4.1%

12. When can staked ETH be withdrawn after the Merge? 
After the Shanghai upgrade
13. How much ETH do you need to run your own validator?
32 ETH
14. If you do not own 32 ETH, what options do you have to participate in validating the network?
Check All as answer
15. In what order was the Ethereum Merge rolled out on Ethereum public testnets?
Ropsten, Sepolia, Goerli
16. Following the Merge, what is the order of upgrades that Vitalik Buterin announced for the network?
Surge, Verge, Purge, Splurge

 

READ MORE: Don't Miss Out on the ETH PoW Airdrop during Merge - Tips to Get It!

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CryptoJD
CryptoJD

All of these are learning phases of crypto adoption evidenced by the state's support and other enterprises' trust in cryptocurrencies and their underlying processes and technology that will make-up the decentralized world.


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