Hello everyone, how are you doing and how is your life going? I hope you are all well and having a good time with your loved ones. In today's post, I'll talk about Ethereum Merge, why it's happening, and what new upgrades are on the way. Ethereum is among the largest and best cryptocurrency in the crypto world which is the number two ranked just after BTC. ETHEREUM is backed by the best technology and a good team that is working to make it more scalable and to improve the coin by releasing new updates.
What exactly is the Ethereum Merge?
Merge refers to a change in state, such as an upgrade that changes its status from old to newer with more updates and features. The merge is a technically proven new upgrade that will shift the consensus mechanism from proof of work to proof of stake. This is one of the significant upgrades that will allow you to stake Ethereum in the future. This upgrade alters its goal to significantly reduce its carbon footprint while also bringing more future scalability upgrades.
Beacon chain network seperate from Ethereum Mainnet.
Beacon chain network is a network that is separate from Ethereum but has contributed significantly to the upgrades and new technology with Ethereum Mainnet. This new proof of stake upgrade will be made possible by the Beacon chain and will take place within the next few hours. It is the new network's coordination mechanism that deals with proof of stake. They create new blocks, are responsible for determining whether those new blocks are valid or not, and reward all validators who assist with the new blocks.
The MERGE (PROOF OF WORK TO PROOF OF STAKE)
As I mentioned above, proof of stake will replace proof of work as part of the Ethereum merger. These are carried out in a number of steps, the second of which is the upgrade. As is obvious from the name, something is going to be combined, and in this upgrade, the mainnet of Ethereum and the beacon chain will combine to bring scalability in the future. The mechanism from proof of work to proof of stake will be completed through this process. They have put a lot of effort into the new upgrades and helping technology advance, but it will soon have an impact on investors, either favourably or unfavourably.
The SHARD chain is the latest update.
In the cryptosphere, the term "shard" refers to the division of any coin into smaller pieces. This is one of the newest improvements they plan to implement in the future. What do they really believe this upgrade will accomplish, and what will follow it? They will divide Blockchain into smaller pieces, known as shard chains, in order to increase efficiency and scalability. After this upgrade, the Ethereum update will be more effective, but it will also be better known going forward.
Is the Merge safe for Ethereum holders?
There will be no risk for ether holders because it will simply upgrade. If you own Ethereum, your funds will be safe both during and after the MERGE. But keep in mind that I am only sharing my opinion and that I am not certain and will not be held liable for any loss. The merger will have no effect on holders' funds, and all funds will be transferred over after the merger. In your wallets, you can still see the ETH name. Assume you are in the race prior to the merge and you are charged with some juices in the middle of the race that is after the merge and now you will run faster in the race.
This is my limited knowledge of the Ethereum merger, which will take place in a few hours. I wish Ethereum holders the best of luck and pray for their success in the Ethereum price run. I've shared some information and knowledge about the Ethereum merger that I hope will be useful to a large number of people. If you found the post informative, please reblog it so that it reaches as many people as possible and they can benefit from it. Don't forget to upvote, which will both admire and help me financially. Please ask any questions you have about this upgrade or today's post.
SOURCE
NOTE: THE PICTURES ARE TAKEN FROM BINANCE AND EDITED IN CANVA.
DISCLAIMER
Please keep in mind that I am not a financial advisor. Never, ever take anything I say as financial advice. Conduct your own research. Before making any investment decisions, consult with a professional investment advisor! My posts are strictly for entertainment purposes!!
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