The upcoming Merge of Ethereum 2.0 in September has already ignited the spark among the blockchain community members and looks forward to overhauling its principal module.
Soon, the highly anticipated Ethereum Merge will happen in September as we approach forward. Various talks have begun, and discussions are going on how this can impact the crypto Industry once launched on September 19.
The Ethereum Merge Is Scheduled For September 15
Various surveys and reports have suggested that the upgrade would bring a pivotal change in the Ethereum community. Whereas several pieces had talked that their date might change as developers might require testing on various powerful computers again.
However, despite the eventual date, the Ethereum Merge is all set to happen in September. The Ethereum 2.0 Upgrade is quite special and would be the watershed moment for many community members as it would upgrade Ethereum’s Performance. There would be various improvements, such as feasible scalability, transaction speed, and Energy Consumption.
Important Points, One Must Know About Ethereum 2.0 Mege
The Ethereum 2.0 Merge is expected to make the Ethereum blockchain look more environment-friendly and green. The developers have shifted the PoW (Proof of Work) consensus algorithm to PoS (Proof of Stake). This is the breaking change that will happen, which would carve the path towards optimization in the network. Also, some Applications from domains like NFTs and Defi (Decentralized Finance) would benefit heavily.
With the Proof of Stake consensus algorithm, it is expected that users would be able to make transactions at quite low rates and conveniently. According to reports, developers will be able to deploy applications more cheaply after the Merge. Various reports suggest PoS consensus algorithm hiccups could slow the network.
How Does The Ethereum 2.0 Merge Affect The Mining Community?
Despite the many benefits of Ethereum 2.0, there is a huge amount of cost deployed for making Ethereum 2.0 a reality. It is hard to predict what the price of Ethereum will look like once the network is merged. However, several markets have forecasted that the Merge would be a strong catalyst to boost Ethereum’s value compared to Bitcoin.
The Merge could hurt miners because it wouldn’t require high-powered computers to validate. Several people from the miner’s community are discussing mining Ethereum classic now as it would still be on the Proof of Work Consensus algorithm and would require the mining rigs to validate blocks.
Recently the final testnet on the beacon chain was released, similar to the dress rehearsal before the main event. The beacon chain testnet is expected to go quite smoothly, and the launch will happen on the scheduled date. By the mid or the end of 2023, the full upgrade, including sharding, would be merged on Ethereum Mainnet.