The long-awaited Ethereum merge is finally happening as the developers have given a new launch date. On September 19, The Ethereum merge will happen that’ll change the network’s current state from Proof-of-Work (PoW) to Proof-of-Stake (PoS).
Beacon Chain community manager superphiz.eth tweeted that the timeline and merge date isn’t final. He also added that we should wait for the official dates.
The Beacon Chain launched in December 2020. Since then, it’s been working as the PoS version of Ethereum along with the PoW mainnet. The launch set the beginning of the merge.
As the merge takes place, the Ethereum actively will move to the Beacon Chain. Twitter is excited about the merge. Before it happens, we will see the last public testnet called Georli that’s set to run on August 11. If that happens, get ready to finally see the merge happening on September 19.
With testnets, developers can test their newly developed apps without stressing the mainnet and buying real cryptocurrencies. This way, they need not spend anything on crypto just for testing their apps.
A lot of Ethereum enthusiasts and community developers are praising this merge and calling it a “step in the right direction.”
We also saw Sepolia, another tentnet that’s been successfully launched last week.
Ethereum 2.0
With the merge and Ethereum 2.0, we will see the second biggest cryptocurrency by volume move from one consensus mechanism to another. It’ll be the beginning of a new era.
The merge will open new doors of opportunities for blockchain gaming as well. With Ethereum 2.0, blockchain games will be able to perform faster transactions and reduced fees – it’ll bring a new userbase to the space.
So far, blockchain games were using sidechains like Polygon, but with Ethereum 2.0, we will finally see the games being developed on the mainnet.
With the merge, miners around the world won’t be able to “mine” Ethereum by PoW instead, validators will do this, preventing mining that’s hurting the climate. A validator is an entity in the Ethereum network that has deposited at least 32 ETH to the Beacon Chain.
Validators will now be responsible for maintaining the high uptime, and in turn, for that, they may earn more ETH for this work. They will verify transactions and prevent fraudulent activities.
Ethereum isn’t the only network that’s about to work on the PoS mechanism. Solana, Avalanche, Cosmos, etc., are also working using the same mechanism.
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