September is almost here, and so is the big event everyone has been talking about – the long awaited Ethereum Merge. Years in the making, it is a big step forward for one of the most mature and well-known blockchain networks.
Today we will look closely at The Merge, and everything that it entails, so if you want to find out what this huge update is, why this matters and how this will affect both the serious investor and the casual crypto user then keep on reading because we’ve got a lot of things to tell you.
What is Ethereum Merge?
While it may sound a bit ominous, The Merge is actually just an upgrade to Ethereum’s software. Think of Ethereum as the car that helps carry all of the passengers, which in this case are all of the crypto currencies and apps, to the destination, which is you, the user.
Well, The Merge basically implies that the engine of the car is about to change, so while everything seemingly stays the same, arguably the most important part of the car is about to get a serious upgrade somewhere around September 15th.
The Merge has been around eight years in the making by now as the debate over whether or not this change is needed has been riling up the masses since it was first brought up.
But what exactly is going to change about it? Essentially, Ethereum will be switching from its current technological infrastructure, aka the “Proof of Work”, to a new, energy-efficient infrastructure known as the “Proof of Stake”.
In the Proof of Work architecture, the so-called miners use powerful computers to race each other to verify transactions, using up big amounts of energy. In the Proof of Stake architecture, instead, investors deposit cryptocurrency in a shared pool, where they are chosen at random to verify individual transactions and receive rewards.
Why Does It Matter?
As we mentioned before, the decrease in energy consumption is one of the main benefits of The Merge. Not only will it make Ethereum blockchain operate in a much more efficient way, it will also serve as an example for the entire crypto community and prove that blockchain technology can indeed be more “green”.
The Merge will also be the first step in the process of reducing the transaction fees for the Ethereum blockchain. And even though this will not happen overnight, it is good to know that the wheels have already been put in motion.
Some experts have also stated that Ethereum’s price will respond positively after The Merge, and not only that but we will also see a higher staking yield, deflationary supply, a greener aspect and a higher scalability which will in turn increase the ETH demand as we know it today.
Truths And Myths About Ethereum Merge
Like with any big event, it is often difficult to separate truthful information from all the rumours and misconceptions floating around. Let’s address some of them here to get a clearer picture of what is to come.
Truths about The Merge
We have seen many rumours over the years, many were even doubting that it will ever happen. However, it is now official that The Merge will take place around September 15th, 2022. Of course, this is an estimate and delays do happen in life, so if you are betting on this particular date, know that you are taking a real risk.
Another true thing about The Merge is the risk involved in it. It is indeed complicated to swap the car engine while driving on the highway. The chances of something going wrong are small, but they are present nonetheless.
You may also be wondering just how significant will the energy improvement be. Well, according to official data, the energy usage of the Ethereum blockchain will go down at least 99.9%. That is why this update is sure to make a lot of people happy due to its “green” aspects.
Myths about The Merge
Probably the biggest misconception is that this event will reduce gas fees. It is important to understand that the transition to Proof of Stake architecture is only the first step in a much longer roadmap to eventually reduce the fees. So it will most definitely happen in the future, but not quite yet.
Another myth flying around is that the transactions will become faster on the Ethereum network. The Ethereum Foundation has officially stated, that there can be a slight fluctuation in the fees, but they will mostly remain the same.
There will also not be any “downtime”, which means that the Ethereum network will not be “switched off” before, during or after the merging process. As far as a regular user is concerned, The Merge will happen completely seamlessly.
Conclusion
Nobody knows what will happen next with Ethereum, the only thing that we can surely say right now is that the wheels are in motion already, and whatever the final outcome may be, it will be exciting to see what The Merge has in store for us.
And if you wish to purchase your very own ETH tokens before or even after the update goes live, you can always do so fast, safely and at the best rate possible on https://guardarian.com/buy-eth.
