Thread by @woodyfx44

1./ So what is The Merge? The Merge represents the joining of the existing execution layer of Ethereum (the Mainnet we use today) with its new proof-of-stake (PoS) consensus layer, the Beacon Chain. #cryptocurrency #Ethereum

2./ It eliminates the need for energy-intensive mining and instead secures the network using staked ETH. A truly exciting step in realizing the Ethereum vision – more scalability, security, and sustainability. #cryptocurrency #Ethereum

3./ It's important to remember that initially, the Beacon Chain shipped separately from Mainnet. Ethereum Mainnet - with all it's accounts, balances, smart contracts, and blockchain state - continues to be secured by PoW, even while the Beacon Chain runs in parallel using PoS.

4./ The approaching Merge is when these two systems finally come together, and proof-of-work is replaced permanently by proof-of-stake. #cryptocurrency #Etherum

5./ Merging with Mainnet: Since genesis, PoW has secured Mainnet. This is the Ethereum blockchain we're all used to—it contains every transaction, smart contract, and balance since it began in July 2015. Throughout Ethereum's history, developers have been hard at work preparing..

6./ for an eventual transition away from PoW to PoS. On December 1, 2020, the Beacon Chain was created, which has since existed as a separate blockchain to Mainnet, running in parallel. The Beacon Chain has not been processing Mainnet transactions.

7./ Instead, it has been reaching consensus on its own state by agreeing on active validators and their account balances. After extensive testing, the Beacon Chain's time to reach consensus on more is rapidly approaching. After The Merge, the Beacon Chain will be the consensus..

8./ engine for all network data, including execution layer transactions and account balances. The Merge represents the official switch to using the Beacon Chain as the engine of block production. Mining will no longer be the means of producing valid blocks. Instead, the PoS..

9./ validators assume this role and will be responsible for processing the validity of all transactions and proposing blocks. No history is lost. As Mainnet gets merged with the Beacon Chain, it will also merge the entire transactional history of Ethereum.

10./ Getting Ready: The Merge is one of the most significant and anticipated upgrades in the history of Ethereum, and although in the long-term its impact will be felt by everyone, in the near-term some folks will need to take action to be fully prepared.

11./ Users and Hodlers: You do not need to do anything to protect your funds entering The Merge. As a user or holder of ETH or any other digital asset on Ethereum, as well as non-node-operating stakers, you do not need to do anything with your funds or wallet before The Merge.

12./ Despite swapping out proof-of-work, the entire history of Ethereum since genesis remains intact and unaltered after the transition to proof-of-stake. Any funds held in your wallet before The Merge will still be accessible after The Merge. No action is required on your part.

13./ As we approach The Merge of Ethereum Mainnet, you should be on high alert for scams trying to take advantage of users during this transition. Do not send your ETH anywhere in an attempt to "upgrade to ETH2." There is no "ETH2" token, and there is nothing more you need to do.

14./ After The Merge: This will signal the end of PoS for Ethereum and start the era of a more sustainable, eco-friendly Ethereum. This will also set the stage for further scalability upgrades not possible under PoW, bringing Ethereum one step closer to achieving the full scale,

15./ security and sustainability. For Node operators and Dapp developers there are rules that need to be followed and instructions to note in preparation for The Merge. This isn't covered in this thread unfortunately. #cryptocurreny #Ethereum