Many Twitter users believe that the upcoming Ethereum Merge will be one of the biggest developments in cryptocurrency. There is a lot of information available, and it will undoubtedly result in a significant change when Ethereum switches from Proof of Work to Proof of Stake.
Explaining The Ethereum Merge
The Ethereum merging was easily presented in a Twitter thread by @twofivedev, complete with beaver illustrations and diagrams.
1/ The #merge has never been this close and will undoubtedly be one of the biggest events for #Ethereum to date.— 2.5 Intelligence (@twofivedev) August 1, 2022
Still don't know what all of this really means but feel like it's too late to ask?
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"The Merge" explained like you're five, illustrated with beavers. pic.twitter.com/XpsgLappoU
Simply said, as a result of the merger, the Ethereum ecosystem will go from PoW (Proof of Work) to PoS. (Proof of Stake). On Ethereum, the decentralized network can now agree on things like account balances and the sequence of transactions thanks to the PoW method.
The underlying algorithm is what determines the rules and level of difficulty for the task that miners undertake. The "work" itself is mining. It involves adding legitimate blocks to the chain. Ethereum is harmful to the environment because of this method, which has previously resulted in a lot of concerns from environmentalists.
Ethereum will adopt PoS as its consensus algorithm following the merger, on the other hand. Blockchains employ a particular consensus technique called proof-of-stake to establish distributed consensus.
Validators expressly stake money in the form of ether into an Ethereum smart contract when using proof-of-stake.
Before being fully implemented, the new method will be tested. At the end of July, Ethereum engineers verified this last test. They stated that it will take place from August 6 to August 12. They are almost ready to start this fusion now that the time is ended.
According to Watcher.guru, the integration should be finished between September 15 and 16. The merger is just the first step in a multi-year strategy that will eventually result in the release of ETH 2.0.
Beavers were utilized in the thread to highlight the distinctions between Proof of Work and Proof of Stake. The beavers that were utilizing PoW were worn out since it took all of the time and effort to figure out how to cross a river with their logs, and only one got rewarded.
However, only the beavers who had laid their log down were squandering their energy; the rest of the beavers in the PoS scenario were lying down and being lazy.
The Merge of Ethereum and Its Environment
With Ethereum switching to PoS, the environment will benefit greatly. Using the Proof of Stake algorithm, Ethereum now uses around 112 TWh of energy annually. This amount is comparable to the population of the Netherlands, which has around 17 million people.
How does the community feel?
Overall, everyone is enthusiastic about the idea of the combine and energy conservation. Some people are thrilled about the prospect of a significant increase in Ethereum's price. However, this is obviously not a guarantee.
Lark Davis, an investor with 1 million Twitter followers said: “The Ethereum merge is a bigger and more important event than the Bitcoin halving.”
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