One of the top stories in Ethereum news over the last few months has been the upcoming and much-anticipated merge. This merge was initially expected to occur in June. However, developers are now saying that the Ethereum Merge will likely happen a few months later than June, with no firm deadline or date provided.
The Ethereum Merge
This much anticipated Ethereum news about the merge is not a surprise to industry experts and those who have been closely following this proposed update. There is a delay in the proof-of-stake or PoS, which has been pushed back several times.
Proof of stake or PoS is used by the blockchain in lieu of the currently used proof of work system. This is being done by the merge of the Ethereum mainnet with the Beacon Chain.
What it Means
While this Ethereum news is more technical, it is important to understand that by moving from proof of work to proof of stake the Ethereum blockchain stops the drain on the power systems and becomes an environmentally friendly blockchain, which is increasingly important to consumers and companies around the world. Rather than mining, the transactions are confirmed through staked smart contracts.
Using a consensus method for creating the blockchain rather than the proof of work technology used by Bitcoin, the power reduction in each transaction will be significant. In fact, experts anticipate the Ethereum network will be approximately 99% more energy-efficient, which is a draw for many investors. The merger is also anticipated to dramatically increase the speed of transactions on the Ethereum blockchain and increase interest in using this technology for large and small transactions.
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