The Ethereum Merge It’s Transition To Ethereum 2.0
The term Merge has in recent days been a trending word in the cryptocurrency space. As we anticipated the release of Ethereum 2.0, which is practically Ethereum moving from proof of work (POW) to proof of stake(POS). From the definition of Merge form the Ethereum foundation which defined it as;
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“The Merge represents the joining of the existing execution layer of Ethereum (the mainnet we use today) with its new proof-of-stake consensus layer – the Beacon Chain.”
The Ethereum 2.0 is taking care of the mining process of the second largest token according to market capitalization.
So if they are not mining etherum using very duty machines with high processing power, what then is replacing these mining machines if you may ask?. Well we were informed that the beacon chain is the processing engine that’s going to replace this process. The beacon chain is regarded as the cornerstone of the Ethereum 2.0, and the amazing thing about this blockchain is that it exists on a separate Ethereum network.
The algorithm which runs on this blockchain is the proof of stake (POS) algorithm. The merge as it’s simply put is bringing together the two systems which is the the proof of work which is the Ethereum mainnet and the proof of stake which is the beacon chain.
Above all a great change is coming with this implementation in the sense that no more mining of Ethereum which give the miners a larger stake at market price, your funds are totally safe and above all no history will be losted.
When are we expecting this move, well from publications from the development team we are looking at the first week of next month which is the 8th of August.
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