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The most awaited transformation on the cryptocurrency platform is going to happen soon. The miners are going to be ready for the next generation of Ethereum. It took nearly two years for developers to bring a new way of doing crypto transactions to the platform. The merge could make the transactions in Ethereum even faster than before.
The ultimate aim of introducing Ethereum 2.0 is to reduce the utilization of huge numbers of computers and people as it consumes more time to add different blocks to Ethereum. Developers named it “The Merge” because it uses the single unit method to combine all the existing processes of the blocks. There are 71 million crypto wallets available on the Ethereum crypto platform.
Now, by using the Ethereum platform, developers can carry out more than 15 transactions per second. But the developers estimate that it will carry out more than 100,000 transactions per second after the Merge. Ethereum has gradually processed to the point where it can trade cryptocurrency, store NFTs tokens in its wallet, and make financial transactions on its own.
Recently, EthereumPow(ETHW) tweeted by saying that Ethereum’s Proof-of-Work fork will be released after the completion of the merge within 24 hrs.
There is no detailed information about when and how it will happen, but there is a statement saying “It will be announced 1 hour before the launch, including final code, binaries, config files, nodes info, RPC, explorer, e.t.c. will be available to the public with the countdown timer” as per the tweet. Also, ETHW released its full node data in the tweet thread.
The ETHW mainnet stated that “the block height of the merge block ‘plus’ had 2048 empty blocks and the chain is the longest in ETHW.”
Will ‘The Merge’, a new version of Ethereum, be eco-friendly?
Now Ethereum, a crypto platform, is using Proof-of-Work to verify the transactions of the users. This requires a vast number of computers and results in huge consumption of electricity. The Ethereum blockchain technology utilizes 112 terawatt-hours of electricity annually, resulting in 53 tons of carbon production.
And “The Merge” is a process where developers decided to shift Ethereum from Proof-of-Work (PoW) to Proof-of-Stake (PoS). In Proof-of-Stake, a smaller number of computers and miners are required to verify the transaction process. It is estimated to reduce the consumption of electricity by 99% by using the Proof-of-Stake (PoS).
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
