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The Merge

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Written by   264
2 months ago

As we all know Ethereum has been talking about an upcoming merge. A lot of people know what this means and know how big this is for Ethereum but a lot of people have no idea what it is all about. I am dedicating this article to the people that do not know what this merge means and how it will affect Ethereum after it happens.

I am learning as I go but I thought people need to know what this merge means and how critical it is for Ethereum to evolve and one day be used globally.

Ethereum has been a POW (proof of work) since its beginning. POW means whatever Crypto project using proof of work has to be mined. This means that anyone who is mining the Crypto is helping validate transactions while they are being rewarded in Crypto. Proof of Work definition

Now that Ethereum is upgrading to POS (proof of stake) there will be no more mining. Instead, you will be rewarded with Crypto depending on the amount of Crypto you hold in your wallet. The more you hold the more you earn. POS is more secure and allows everyone to earn from holding instead of having to have high-end equipment to mine. Proof of Stake definition

For the longest time, I thought this merge would help with gas fees and ETH would be available for the average joe to use. This is not the case. This is a step in the right direction though. The merge to POS is the first step. Then the Shanghai update, and then Sharding.

Sharding will be an upgrade that improves Ethereum's scalability and capacity. This allows transactions to be cheaper and also allows Nodes to be easier to operate.

Also, everyone needs to know that when the merge happens you will not be able to withdraw your staked ETH. About 6 to 12 months after the merge there will be another upgrade called the Shanghai Upgrade which will allow staked ETH to be withdrawn.

The merge is going to bring down Ethereum's energy consumption by 99.95%. This is a major step for Ethereum. The merge is also allowing more scalability, security, and sustainability.

Throughout Ethereum's history, developers have been hard at work preparing for an eventual transition away from proof-of-work to proof-of-stake. On December 1, 2020, the Beacon Chain was created, which has since existed as a separate blockchain to Mainnet, running in parallel.

The merge is one of the most significant and anticipated in the history of Ethereum maybe even the history of Crypto as a whole. This is a major step for Crypto. Ethereum is one of the most well-known Crypto projects in the world. I think the reason why more people are not using it is there is no way to do micro-transactions because of the large gas fees. Once the Shanghai update and sharding go into effect more people will start seeing what Ethereum is capable of.

I am excited to see what the future holds for Ethereum. The fact that it can be upgraded and adjusted by the people for the people.

Ethereum is not really controlled by anyone, in the sense that there is no omnipotent entity or a conspirator running it from the shadows. Ethereum exists solely through the participation and work of the community of its users and developers. They are, collectively, referred to as the Ethereum network.

I am not the most knowledgeable about blockchain technology but I am learning as I go and I want to try to help other people learn as I learn. If you know any other information I did not share I would love to hear it in the comments.

I hope you enjoyed my article and if you did please like and follow for more content. I also hope this has helped you see how Ethereum is growing right along with Crypto's growth. We need an ever-evolving blockchain project to rule them all and Ethereum is the best that I have seen. The only thing holding people back is the gas fees. I see this being fixed over the next year or so when Shanghai and sharding are implemented.

Check out Ethereum's Vision in the link below.

Ethereum's Vision

There are a couple of sites I want to share with you before I end this article. These sites will allow you to earn Crypto which can help you invest in the projects you believe in.

CryptoWin - CryptoWin is one of the best faucets/ptc (point to click) websites I have found. You earn 2 to 4 sats per claim which might not seem like a lot but it adds up over time. They also allow you to earn 50% from people who use your referral link. Check it out and let me know what you think in the comments.

Cointiply - Cointiply is a big name in the Crypto earning world. It might be one of the biggest earning sites when it comes to Crypto. You can earn a good amount from this site and it is a great way to get your foot in the door with Crypto.

CoinPayz - CoinPayz is another one of my favorite earning sites. You start by earning 1 to 2 sats per claim but every consecutive day you use the site you earn more. This site also has a great referral earning opportunity.

Thanks for taking the time to read my article and I hope everyone has a great week!

Check out my website for all of my content and for different ways to earn Crypto. Click this link or scan the QR code above. https://hattysshack.com/

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Written by   264
2 months ago
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