Learn the precise date and time of The Merge, Ethereum’s greatest update since its inception in 2015 and the introduction of Ethereum 2.0.
After Bitcoin, Ethereum is the second most popular cryptocurrency and has been growing for a while. However, this month, a significant shift will occur on the Ethereum blockchain. Let’s discover the date of this update: the Merge.
When will there be a Merge ?
When the Total Terminal Difficulty (TTD) reaches 587500000000000000000000, The Merge will occur. The difficulty of the most recent Proof of Work (PoW) block matches to the TTD, hence the subsequent block will be created using Proof of Stake (PoS). Because blocks, not days or hours, are used to measure time on blockchains, there is no exact date for when Ethereum and Bitcoin merged. Instead, there are a number of blocks. The migration will start as soon as the block containing the TTD is reached.
Describe The Merge.
The Merge signifies the switchover of the Ethereum (ETH) blockchain from Proof of Work to Proof of Stake as the new consensus protocol.
In order to safeguard the Ethereum network, this upgrade does away with energy-intensive mining in favor of staking ETH. According to estimates, Ethereum will reduce its need for power by more than 99%.
The Merge ushers in a new age for the Ethereum blockchain, which will become significantly more scalable and less energy-intensive.
What is going to happen to your ETH?
Everything is automated, so don’t worry. You don’t need to transform or convert your ethers.
Yes, ETH on the mainnet won’t be impacted when The Merge is over.
Therefore, if you possess ETH or any other Ethereum token, you have no involvement in the assets or portfolio you had before to The Merge.
What will occur after that?
A hardfork—also known as a blockchain split—will occur on the Ethereum network. A total of two distinct blockchains will exist:
Ethereum 2.0, which employs Proof of Stake and Proof of Work
Because many machines will be quicker than you and you run the risk of losing money, we caution you against trying to leverage this separation to carry out dangerous actions on Ethereum PoW. Whether it is the price of Ethereum 2.0 or Ethereum PoW, it is hard to predict how the price of Ethereum will respond.
The Merge is merely the beginning; Ethereum will undergo several modifications in the ensuing years to lower transaction fees and boost transaction volume.
After The Merge, will Ethereum fees decrease ?
No, it’s a widely accepted misconception. The Merge does not increase network capacity; rather, it modifies the consensus procedure. Gas prices on the blockchain will so remain unchanged following The Merge.
Be wary of fraud.
Be extremely watchful for scammers attempting to defraud you during this transition as the Ethereum mainnet integration draws closer.
Sending your ETH and other tokens as part of a purported upgrade to an ETH2 token is not recommended at any time. There is no official “ETH2” token, and there is nothing specific you can do to protect your money.