Understanding How Big A Deal Is Electric Ethereum's Mega "Merge" Upgrade
Explainer-Understanding electric Ethereum's major "Merge" upgrade
Ethereum, the blockchain that underpins the world's second-largest crypto token ether, will soon undergo a major software upgrade that promises to slash the amount of energy needed to create new coins and carry out transactions.
Here's what you need to know about the "Merge," as the shift is known.
So What Is The Merge?
The Ethereum blockchain is due to merge with a separate blockchain, radically changing the way it processes transactions and how new ether tokens are created.
The new system, known as "proof-of-stake," will slash the Ethereum blockchain's energy consumption by 99.9%, developers say. Most blockchains, including bitcoin's, devour large amounts of energy, sparking criticism from some investors and environmentalists.
The Ethereum Foundation, a prominent non-profit organization that says it supports Ethereum, says the upgrade will pave the way for further blockchain updates that will facilitate cheaper transactions. High costs and slow transaction times are currently two of the main issues users have with the Ethereum network.
And When Is It Happening?
Very soon. The merge is scheduled for completion between Sept. 10 and 20, though the exact timing is uncertain. Independent estimates point to Sept. 15 as the likely date.
Major crypto exchanges, including Coinbase Global and Binance, have said they will pause ether deposits and withdrawals during the merge. Users won't need to do anything with their funds or digital wallets as part of the upgrade, they say.
How Big Of A Deal Is This?
Ethereum backers say the Merge is a monumental moment for the $1 trillion crypto sector.
Proponents believe the Merge will make Ethereum more favourable compared to arch-rival
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