“The Merge of Ethereum,” or simply “The Merge,” is reportedly going to take place this week. This event involves the Ethereum blockchain undergoing what cryptocurrency analysts describe as a monumental upgrade.
We are quite eager to learn about what virtual currency experts dub “The Merge” or the Merge of Ethereum. We think it is important to monitor this latest development since it can affect the greater cryptocurrency space.
Therefore, we are sharing this news with our followers via our portal for their information. Ethereum is the second most significant blockchain technology today after Bitcoin.
It burns through more power every year than New Zealand, per the update posted online by Singaporean daily broadsheet newspaper The Straits Times.
As a digital ledger, the Ethereum blockchain underpins a multi-billion-dollar ecosystem of crypto-assets, virtual tokens, applications, and games.
The Merge of Ethereum will reportedly involve an army of computer programmers based worldwide attempting one of the largest software overhauls this week that the virtual currency industry will ever witness.
This upgrade aims to reduce the Ethereum blockchain’s environmentally unfriendly energy consumption.
Virtual currency experts cited that The Merge of Ethereum is expected to occur between tomorrow, Tuesday, September 13, 2022, and Thursday, September 15, 2022.
They believe this changeover would slash energy consumption by over 99 percent. Moreover, the Merge of Ethereum will alter the manner transactions are logged.
The resulting new system will eliminate the cryptocurrency miners and their computer stacks overnight.
The Merge of Ethereum will have “validators” putting up 32 Ether – the Ethereum blockchain’s cryptocurrency – to participate in the new “proof of stake” system where they rake in rewards for their work.
The 32 Ether is worth about US$55,000, with 1 Ether worth exactly US$1,762.33 at the time of writing this report per Coinmarketcap data.
Several virtual currency exchanges and firms proclaimed they would suspend transactions during the Merge of Ethereum.
In the existing system known as “proof of work,” cryptocurrency miners employ energy-guzzling computer rigs to solve puzzles that reward them with new virtual coins.
Developers have spent many years working on the Ethereum blockchain’s more energy-efficient edition.
Cryptocurrency enthusiasts hope a “greener” Ethereum will spur greater adoption, specifically as a method of enabling banking institutions to automate transactions and other processes.
Blockchain firm Consensys dubbed the Merge of Ethereum as a gigantic technological milestone and the most massive update to Ethereum since this blockchain’s 2015 launch.
ING Bank remarked that Ethereum’s switchover might aid the blockchain in gaining acceptability among government regulators and policymakers.
It added that the Merge of Ethereum may boost conventional financial companies’ willingness to develop Ethereum-based services. We support the developers of Ethereum for the forthcoming “The Merge” slated this week.
After all, we understand that this upgrade aims to make the blockchain more eco-friendly, switching from proof of work to proof of stake mechanism.
We think the Merge of Ethereum will inspire other cryptocurrency developers to adopt environmentally friendly systems and not merely focus on reaping capital gains from the crypto-assets.