BENGALURU: The most-hyped Ethereum Merge, one of the most anticipated ones in the crypto industry, is all set to be completed by September 20. This is said to be a milestone in blockchain technology and that it will bring significant changes and upgrades to the Ether protocol.
Ethereum, the largest smart contract capable blockchain, is transitioning from the Proof-of-Work (PoW) consensus method of setting transactions to Proof-of-Stake (PoS). This technical upgrade to the blockchain is known as The Merge. This upgrade has been in talks for many years now as Ethereum is the second largest cryptocurrency after Bitcoin.
“The upgrade is crucial as it cuts down over 99 per cent of energy consumption which can take it away from the radar of governments trying to impose duties on energy-intensive mining,” explained Edul Patel, CEO and co-founder of Mudrex, a crypto investing platform.
The crypto has cleared its resistance at USD 1,650 and started travelling towards USD 1,800. Ethereum might also surge above the USD 2,000 level in the coming days before the Merge, he added. This will set the stage for further scalability upgrades bringing Ethereum one step closer to achieving the full scale, security and sustainability outlined in its Ethereum vision, said Rajagopal Menon, Vice President, WazirX. He added that as we approach The Merge of Ethereum mainnet, we advise the users to be on high alert for scams trying to take advantage of users during this transition.
Talking about it, Arjun Reddy, CTO, Guardian Link said once the merge has occurred, mining will be truly democratised and that no industrial equipment or megawatt level power will be required. According to the Ethereum Foundation, The Merge represents the joining of the existing execution layer of Ethereum (the mainnet we use today) with its new PoS consensus layer, the Beacon Chain.
The merger of one of the original blockchain systems might be saddening for investors globally as Ethereum is considered a brand in itself, said Sathvik Vishwanath, Co-Founder & CEO, Unocoin. However, he added that this is a progressive step towards making crypto and decentralisation globally acceptable, and creating and managing makes it easier for backward countries with limited power supply.
What is The Merge and what upgrade it is doing
Bengaluru: Ethereum is transitioning from Proof-of-Work (PoW) consensus method of setting transactions to Proof-of-Stake (PoS). This technical upgrade to the blockchain is known as The Merge.