Ethereum 2.0 Merge Countdown.
The countdown to Mainnet is based on a target TTD of 58750000000000000000. The current Ethereum Mainnet powered by Proof-of-Work (PoW) will merge with the Beacon Chain Proof-of-Stake system (PoS).
Ethereum Merge Countdown
“The Merge” is a crypto slang term used to explain Ethereum’s transition from a PoW (proof-of-work) consensus algorithm to PoS (proof-of-stake).
The Ethereum Foundation defines the term precisely as:
“The Merge represents the joining of Ethereum’s existing execution layer and its new proof-of-stake consensus layer, the Beacon Chain.”
This is intended to handle the energy-intensive mining process while also trying to secure the network through staked ETH. The move is expected to enhance Ethereum’s network’s sustainability, security, and scalability.
The Merge has been under development for six years and is seen by many as a landmark in the history of cryptocurrencies due to its potential material and philosophical ramifications. This is a rare occasion in crypto, and it may never occur again.
Once the Terminal Total Difficulty (TTD) barrier is reached, the Merge will occur. TTD is the total challenge threshold necessary for mining the last Ethereum block. In other terms, TTD symbolizes the fixed number of remaining hashes to be mined before Proof-of-Stake takes control.
The Merge is widely regarded as the most significant event in Ethereum’s history. The Merge will alter how the Ethereum network achieves consensus. Consensus refers to agreements on how new blocks are ordered and generated in the Ethereum blockchain.
To create and order new blocks, Ethereum currently uses proof-of-work (POW). POW will be “retired” after the Merge, and proof-of-stake (POS) will be the new consensus mechanism.
The Merge is tentatively scheduled for September 15, 2022. This date, however, is subject to minor changes.
Ethereum is transitioning from Proof-of-Work (PoW) to Proof-of-Stake (PoS) to enhance blockchain security, reduce energy consumption, lower barriers to entry by bringing down hardware requirements, and lay the foundation for future scalability.
Proof-of-Work relies on computers distributed across a decentralized network to validate transactions. In contrast, Proof-of-Stake depends on validators who add their token (in this case, ETH) as collateral in exchange for the opportunity to update the blockchain with the most recently validated transaction and acquire newly minted tokens.
Following the Merge, Ethereum’s energy consumption will decrease from 112 TWh/yr to 0.01 TWh/yr, resulting in a 99.95% reduction in total energy consumption.
The Merge is unlikely to reduce gas fees in the short term because the upgrade involves a change in the consensus protocol (the way Ethereum validates transactions) instead of increasing or expanding its capacity.
In other words, The Merge will phase out PoW and shift the blockchain to PoS, but this does not affect the blockchain’s capacity. The Merge will not directly impact gas fees because they are a natural consequence of demand vs. network capacity as opposed to the way the blockchain validates transactions.
The Shanghai upgrade, which will include the option to withdraw staked ETH, is still in the works, as is sharding, which also seeks to increase scalability by expanding the burden of handling and processing vast amounts of data across an entire network.
Due to the explosion of layer 2 scaling solutions, the original plans for addressing scalability via sharding before The Merge were swapped, with sharding now anticipated to ship sometime in 2023.
Sharding means allowing a database to be divided horizontally to distribute the load. In other words, sharding will assist in distributing the considerable burden of data processing across the entire network. This is expected to decrease traffic and shorten transaction times.
When The Merge is finished, there will be no distinction between ETH 1 and ETH 2, which have been rebranded as the implementation and consensus layers.
Moving forward, there would only be one Ethereum. It is a popular misconception that Ethereum 2.0 is a new coin or asset in and of itself. Well, it is not, and your existing ETH will continue to function normally. The Merge will not affect it.
Your assets will remain safe, as always, and no action is required on your part. There will be no need to convert your existing ETH into anything else before, during, or after the Merge. We will handle everything for you.
LCX’s exchange and trading will be fully operational during the Merge. The Merge only impacts ETH and ERC20 tokens. All other non-Ethereum tokens, like Cardano, Celo, and Bitcoin, are not affected.
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