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Countdown for the Ethereum Merge

Countdown for the Ethereum Merge


In the middle of the month, Ethereum will transition from its existing proof-of-work mechanism to a proof-of-stake model. The merge is a significant phase of the Ethereum 2.0 upgrade that should cut down the energy use and improve the network's overall scalability.

 

What is the Ethereum Merge?

Almost two years ago, I already explained in my article "Get Ready For Phase 0 Of Ethereum 2.0 🚀 Here Is All You Need To Know" that the Ethereum upgrade is a bigger process consisting of different phases. Yes, I explained this almost two years ago. the upgrade is a long process and for some, it seems like a never-ending story.

The first big phase of the Ethereum upgrade was the introduction of the Beacon Chain, a separate network outside of the Ethereum Mainnet that already uses the proof-of-stake model. Now, this Beacon Chain will merge with the Ethereum Mainnet. The merge will finalize the shift from a proof-of-work to a proof-of-stake mechanism. This will happen in around two weeks, on the 15th of September 2022.

The last major phase will be the Ethereum sharding. This final phase shall improve the efficiency and scalability of the Ethereum network by splitting the huge blockchain into smaller parts known as shard chains.

 

Effects on your Ethereum Holdings

If you are holding your $ETH in a wallet then you don't have to do anything, especially, you don't have to worry. Your holdings will be safe during and after the merge. 

Some cryptocurrency exchanges like Binance announced that you should be prepared for a temporary pause on Ethereum as well as ERC-20 token deposits and withdrawals.

Binance also announced another interesting possibility. Binance states that it is also possible that the Ethereum blockchain could split into two competing blockchains after the merge, and a new token is created. In the case of such a fork, the newly forked token will be distributed based on a snapshot of your $ETH balance.

My Final Conclusion

I hope I could provide you with some interesting and valuable information about the upcoming Ethereum merge.

Please keep in mind to be aware of scammers. Whenever there are bigger changes in the industry, scammers try to take advantage of that circumstance. They may ask you to purchase “Ethereum 2.0” tokens or to transfer funds to “complete the upgrade.”

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You may also like: Benefits and Advantages of Using the Tally Ho! Crypto Wallet to Connect to DeFi & Web3

 

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