The Ethereum [ETH] network gained traction in the cryptocurrency community due to the merger. As the community prepares to switch to Proof of Stake [PoS], developers put a lot of effort into the background work. The ETH community has been eagerly awaiting the merger for some time now. However, thanks to this network-wide upgrade, the community may be going through another development.
Prior to the merger, ETH developer Vitalik Buterin had asked those operating nodes on the blockchain to upgrade their clients.
Buterin urged individuals running Ethereum nodes to upgrade their clients to meet the necessary requirements even before the merger, in a tweet Monday.
Merge will take place between September 10th and September 20th, even if the beacon chain hard fork happens on September 6th, says the co-founder of the world’s second largest cryptocurrency , so all nodes should update their clients before Merge to guarantee a seamless transition.
A node is a computer network client software that runs, and a client is a program necessary to allow an Ethereum node to read blocks on the ETH blockchain and smart contracts.
The first phase of Merge, the Bellatrix update, is scheduled to go live on September 6th at 11:34:47 UTC.
Last week, the ETH Foundation stated in a blog post that
“After years of hard work, ether Ethereum’s PoS upgrade is finally complete here! Successful upgrades of all public testnets are now complete and The Merge has been scheduled for Ethereum mainnet.”
The long-awaited transition from Proof-of-Work (PoW) consensus to Proof-of-Stake (PoS) consensus has had many positive effects on the network, including a 99.95% reduction in energy consumption, which has caused many ETH backers of particular interest, such as Mark Cuban.
Here is how the Ethereum merger changed the idea of decentralization
The system will become unstable due to the upcoming merger. ETH recently said that it will switch from Proof of Work (PoW) to Proof of Stake (PoS) between September 6 and September 20, 2022. This transition is called “merging”.
This area will reverberate significantly when combined. Mining Ethereum (Eth) has an estimated market cap of $19 billion, and the merger is expected to shut down the industry entirely. About the occasion. According to them, a PoS-based merger will end “network decentralization” and ultimately lead to centralization.
Under the PoS mechanism, entities with more tokens take precedence over those with fewer tokens. Bigger investors have bigger profit margins, so they actually keep their coins to increase their manufacturing capacity. Therefore, larger stakeholders will grow faster than smaller stakeholders. Participating in the mining business will soon become unaffordable, driving away small partners and promoting centralization.
However, at the time of writing, Ethereum (ETH) is at $1,594.70, up 0.36% on a daily basis.
