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Explaining the Merge
Today's Highlights
- The Merge - Ethereum
- Today's Infographic
- In Other News - a few interesting developments we're tracking.
The Merge - Ethereum
If you’ve been keeping up with cryptocurrency and/or blockchain for the last couple of months, you have probably heard something about “The Merge.” It has dominated the blockchain news cycle and there has been great interest surrounding it. Well, what exactly is the Merge?
Completed on September 15, 2022, the merge refers to the process where the original execution layer of Ethereum (which operated on a proof-of-work mechanism) was joined with the newer Beacon chain (which runs on a proof-of-stake mechanism). Proof-of-work uses a competitive validation method to confirm transactions and add blocks to the blockchain while Proof-of-stake uses randomly selected validators to confirm transactions and add blocks.
The merge has the potential to improve Ethereum’s longevity, scalability, and security. An important disclaimer for the many people holding an Ethereum coin is that no action needs to be done. The wallets and coins will work exactly the same as they did before. The entire transaction history from the original chain was also merged into the Beacon chain.
A major benefit of the merge is that the new chain is much more environmentally friendly. The developers of the chain claim that Ethereum’s energy consumption dropped a dramatic 99.5%, which, according to them, makes Ethereum a “green blockchain.” Interestingly enough, the gas fees for the coin is expected to remain the same.
The Merge is certainly an exciting development, as it paves the way for a future of new innovations on the chain that were not possible due to the old mechanisms.
🧐 Today's Infographic
In Other News
Jack Schickler
Namcios