The Merge has been one of the “most anticipated upgrades” in the history of Blockchain and Crypto.
Ethereum runs two distinct Ethereum networks. But with The Merge, It will be a time of swapping the old engine with the new one.
What is The Merge?
The Merge is the replacement of proof-of-work (PoW) with proof-of-stake (PoS) to make Ethereum more scalable, secure and sustainable according to Ethereum. It is the coming together of the two systems (the Beacon chain and the Mainnet) as one.
Will History be lost?
The answer is No, history will not be lost during the merge. In the merge Beacon chain will be the engine of production this means that despite the replacement of proof-of-work with proof-of-stake the entire transactional history from the beginning remains intact and unchanged.
Do you need to do anything with your funds before and after The Merge?
As a user or holder of ETH or any other digital asset on Ethereum, you don’t need to do anything with your funds. After the merge, any funds in your wallet before the merge will still be accessible.
What date is The Merge?
The Merge will take place on 14/15 Sept.
Some Misconceptions about The Merge.
Does running a node requires staking 32 ETH?
Before or After the merge, anyone is free to run a node. ( sync their own self-verified copy of Ethereum) No ETH required.
Will The Merge bring a reduction in gas fees?
The merge will not bring a reduction in gas fees because it is a change in a mechanism not an expansion of network capacity.
Will transactions be faster after the Merge?
No, there will be some changes, but transaction speed will not be faster after the merge. It will “remain the same on layer 1.”
Can you withdraw staked ETH once The Merge occurs?
Staked ETH can’t be withdrawn, they are not yet enabled with The Merge according to Ethereum.
Will The Merge result in downtime of the chain?
The Merge will not result in the downtime of the chain. It was “designed to transition to proof-of-stake with zero downtime.”
After The Merge
After The Merge, it will be the end of proof-of-work for Ethereum and the start of proof-of-stake. It will also bring the scalability, security, and sustainability upgrades not possible under proof-of-work.
There will not be any two distinct Ethereum networks ‘ETH1’ and ‘ETH2’. There will only be Ethereum after The Merge.