The “merge” is anticipated to be one of the greatest events in blockchain history and involves the merge of two individual blockchains that shall change the proof-of-work (PoW) consensus method on the Ethereum blockchain (which underlies the native token ETH, or ether) to the more energy-efficient proof-of-stake (PoS) consensus mechanism. To know more about what to expect from this merge, head on to our detailed article on the subject.
Our topic of discussion here is the new Ethereum roadmap following the merge and new prominent changes are to follow. After the Merge, miners will no longer be able to mine ether on the Ethereum 2.0 network; they will instead have to switch to mining on Ethereum Classic or find another line of employment.
The Merge is merely the first of a series of updates that aim to make Ethereum smoother, more scalable, more efficient, more energy-efficient, and more durable. These upgrades are notably followed by those named "The Surge," "The Verge," "The Purge," and "The Splurge."
The two primary consensus techniques used by cryptocurrencies to validate new transactions, record them in the unchangeable blockchain ledger, and produce tokens are PoW and PoS. Computers can decide on a transaction's authenticity using either PoW or PoS.
The first blockchain consensus process, known as Proof of Work, was a cryptographic proof technique that used huge energy to make users solve complex cryptographic problems and in return rewarded them with privacy and secured networks. Unlike PoW, which requires powerful computers and considerable energy consumption, PoS allows any user to serve as a validator by using a computer to build a node and secure their network.
In addition, PoS processes more transactions per second than PoW and is faster and more scalable.
The merging is merely one of the various components of Ethereum's improvements. These are Sharding, The Merge, and The Beacon Chain.
Prior to The Merge, efforts on sharding were initially intended to solve scalability. However, with the popularity of layer 2 scaling solutions, switching from proof-of-work to proof-of-stake via The Merge has become more important.
In December 2020, The Beacon Change (Phase 0), which introduced the PoS algorithm, first went live. PoS algorithms use less energy than PoW methods. Testing for Ethereum Staking is now underway. The merging process comes next. The Beacon Chain and PoW algorithms will be eliminated during this significant phase. Ethereum is currently in this stage, and the merge will take place in a few months.
Shard chains will be included as part of the final Eth2 update planned. Because transactions can be distributed among 64 new chains, adding sharding to Ethereum 2.0 should enable greater scaling of the cryptocurrency.
This has been common misinformation and The Ethereum gas prices following the merger will probably stay quite the same.
This could be crucial for Ethereum given the abundance of brand-new NFT initiatives that are starting up and the rising demand for the blockchain. A total of 100,000 Ethereum 2.0 Transactions Per Second may be possible.
Ethereum 2.0 is not a brand-new coin, and it won't affect how much ETH you now possess. When comparing Ethereum to Ethereum 2.0, Eth2 is merely a betterment of the Ethereum blockchain.
Since the move to PoS will see "staking" replace "mining" as the primary method of approving transactions on the Ethereum blockchain, it will probably have an effect more on Ethereum miners than holders.
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