The countdown to Ethereum’s The Merge update has begun. The first phase of the update takes place today. So what is The Merge that will shake up the cryptocurrency world and make miners obsolete? Here’s what all crypto investors need to know.
The second largest cryptocurrency in the world ether We have reached a very important turning point. The Ethereum community has completed work on the update called “The Merge” that they have been working on for months, and the first phase of this update will take place today. in order The Fusion What is it and why is it so important to the cryptocurrency world?
The most discussed feature of cryptocurrencies, to environmental pollution causes it. So much so that all cryptocurrencies, especially bitcoin and ethereum, consume huge amounts of energy through mining and blockchain. For example, the electricity consumption for transactions originating from Bitcoin is 150 terawatt hours per year. That too 65 million tons of carbon dioxide means release to the atmosphere. This level corresponds to Greece’s annual carbon dioxide emissions.
Ethereum’s The Merge update could radically solve the energy problem!
Cryptocurrencies like Ethereum and Bitcoin are currently a proof-of-work (PoWThey use a technique called . This system starts with a money transfer notification that all users can see. This notification, which goes to the Ethereum network as code, creates competition among miners. All miners try to decrypt after receiving this message, and only one miner achieves its goal.
In the next process, other users on the network examine this decrypted code. After approval Money transfer done. Here, PoW, which seemed very basic when we talked about it, wasn’t efficient at all in terms of energy consumption. Ethereum’s merge update, on the other hand, reduced this energy consumption. reduce by 99 percent Goals. If this update is successful, it will only be a matter of time before there will be major innovations for Ethereum and the world of cryptocurrencies.
What is the aim of the merge update?
The merge update that the Ethereum developers are working on introduces a proof-of-work technique into a proof-of-stake (Pos) should be changed to . This new technology does not require all network participants. So much so that a large amount of money has been added to the Ethereum network. Participants post collateral, they are the only address of the verification process in the next process. Wire transfer transactions are only verified by the collateral holders. If irregularities are found during this check, the deposit will be charged on the entire guarantee will be confiscated. The Ethereum community believes this will prevent fraud.
What if The Merge is successful?
The merge update is of great significance for the cryptocurrency world. If this system is successful, it will be a big challenge for other cryptocurrencies to also switch to the PoS system. pressure arises. As a result, the device no longer has to be operated constantly. Because transaction control is performed by users who can provide collateral, not by the graphics cards used in Ethereum mining. If expectations are met, performance improves, and Ethereum energy consumption really drops by 99 percent, other blockchains will surely switch to this system.
Energy consumption is not the only advantage of the merge update. updated increases network efficiency. Transactions are carried out faster and costs are reduced. Even the industry leaders have Ethereum’s with this update Will bitcoin be ahead you think.
Binance has stopped paying out as soon as the update process begins!
Ethereum’s The Merge update starts today and stages in case of be continued. For example, Binance, the world’s largest cryptocurrency exchange, announced that it has made an important decision regarding Ethereum. In the company’s statement, it is possible to make deposits and withdrawals for Ethereum (ETH) and Ethereum-based (ERC-20) cryptocurrencies to avoid problems during today’s update phase. will be suspended specified. This is nothing to worry about as once today’s phase of The Merge update is complete, deposits and withdrawals will be as before. be continued.
Here is Binance’s statement on the matter:
Let’s get to the most important topic: So what can the investor and the miner expect?
Ethereum merge update news has seriously impacted the price of the cryptocurrency. increased. So much so that Ethereum (ETH) has gained over 6 percent in the last 24 hours. The individual investor smiles. Moreover, it is believed that the increase will not be limited to this. The rise of ETH if all goes well, according to crypto analysts in full swing be continued. At the moment it is not possible to predict what will happen if the update fails.
The merger will not yield very good results for ETH mining investors. Because, as we mentioned in the previous parts of our news; for miners with update there will be no need. However, there are different opinions on this subject. So that Ethereum developers do not withstand the pressure of the miners and let them continue to make money. an alternative method It is claimed that they will try to produce. However, these are not specific things. The fate of the miners will be determined in the future.
If the information we explained above is “everything is going well”, we will bump Promise Let me point that out. Even if the update is on the way, there is no guarantee that the merge update will deliver on its promises.
Note: This content cannot be considered as investment advice.
Source :
https://www.sciencealert.com/worlds-second-biggest-cryptocurrency-to-make-radical-technological-shift
#Ethereum #Merge #Update #change
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