Ethereum Merge May Change Crypto Forever
Ethereum is about to change how it works with the upcoming Merge.
Ethereum is the most used blockchain and the second largest cryptocurrency with a $202 billion market cap. While the merge is a long-planned Ethereum upgrade aimed at improving the network.
We knew there has been a little setback in the crypto market with the collapse affecting employers as some crypto platforms such as Gemini, crypto.com, BlockFi, and Bitpanda, by cutting 5% to 20% while freezing the hiring of new staff.
According to Ethereum.org, the Merge is the “joining of the existing execution layer of Ethereum with its new proof-of-stake consensus layer. The Merge is meant to eliminate the need for energy-intensive mining and instead secures the network using staked ETH. A truly exciting step in realizing the Ethereum vision, more scalability, security, and sustainability”.
The Impact of the Merge on Ethereum could make it more efficient and quicker.
After the Merge, Ethereum will use a “proof-of-stake, after that the proof-of-stake stake dispense mechanism post-merge, the network will rely on trusted entities known as validators to verify transactions and add new blocks to the blockchain.
Aaron Samsonoff, Chief strategy officer and co-founder of InvestDEFY, a creator of structured crypto products said after the Merge, the number of Ethereum tokens issued May drop by 90%. This will bring about deflation meaning there will be a shortage of the coin then subsequently there will be a high demand. Thereby the more coin you stack the more reward earn.
The Merge is likely going to happen on September 15.
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