#Ethereum to the moon or magma? The #EthereumMerge explained
The Merge is joining #ETH's new Beacon Chain proof-of-stake consensus layer with its current execution layer, the Mainnet we use.
Instead of employing energy-intensive mining, it uses staked #ETH to secure the network.
The Merge is joining #ETH's new Beacon Chain proof-of-stake consensus layer with its current execution layer, the Mainnet we use.
Instead of employing energy-intensive mining, it uses staked #ETH to secure the network.
This is an exciting step toward reaching greater scalability, security, and sustainability, which are Ethereum's central vision.
The proof-of-work has secured the Ethereum #blockchain since the genesis block in July 2015.
The proof-of-work has secured the Ethereum #blockchain since the genesis block in July 2015.
Ethereum launched with a proof-of-work(#PoW) consensus algorithm in 2015; Throughout Ethereum's history, developers have been hard at work preparing for an eventual transition from proof-of-work to proof-of-stake. Finally, On December 1, 2020, the Beacon Chain was created.
The beacon chain is a fully independent network with a #PoS consensus layer. It is running in parallel to the current #ETH mainnet, where the consensus layer currently remains PoW. By keeping the PoS chain isolated from the main network, a solution is being perfected without-
-risking the flourishing #decentralized application platform of the Ethereum PoW chain.
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.
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 proof-of-stake validators assume this role and will be responsible for processing the validity of all transactions and proposing blocks.
No history is lost. As Mainnet merges with the Beacon Chain, it will also merge the entire transactional history of Ethereum.
No history is lost. As Mainnet merges with the Beacon Chain, it will also merge the entire transactional history of Ethereum.
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. No action is required to upgrade on your part.
This process is in its final stages, with plans to undergo The Merge on a few public testnets before finally moving forward with Mainnet. It is expected to land within Q3/Q4 2022. The client developers are working toward a soft deadline of 19th September 2022.
The Merge is one of the most significant and anticipated upgrades in the history of Ethereum and the #cryptocurrency industry.
Source: ethereum.org/en/upgrades/me…
ethmerge.com
alchemy.com/the-merge
Source: ethereum.org/en/upgrades/me…
ethmerge.com
alchemy.com/the-merge
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