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Ethereum Merge

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The Ethereum Merge is finally underway! Ethereum’s transition to proof-of-stake is scheduled to go live anytime between Sept. 10th and Sept. 20th.

What is the Ethereum Merge?

The Merge represents the Ethereum network’s shift to proof-of-stake for authenticating crypto transactions. The new system will replace the proof-of-work mechanism.

Why is it called the Merge?

Ethereum already has a proof-of-stake network called the Beacon Chain, but it’s yet to process transactions. Currently, it’s a landing zone for computers to prepare for the upgrade.

Ethereum’s complete transition to proof-of-stake requires merging the Beacon Chain with Ethereum’s proof-of-work leading network.

What’s the difference between proof-of-stake and proof-of-work?

Proof-of-stake and proof-of-work differ in how they record the next block of transactions on the blockchain.

In the current proof-of-work system, Ethereum miners compete to publish blocks. Consequentially, in the new proof-of-stake system, validators that stake at least 32 ether with the network are randomly selected to create blocks. Proof-of-stake validators receive rewards for securing the network.

Will Ethereum transaction speeds increase after the Merge?

Yes. Ethereum blocks are issued once every 15 seconds in a proof-of-work system. After the merge, proof-of-stake blocks will be issued every 12 seconds. It’s a few seconds difference, and likely most users will notice. However, it still places Ethereum ahead of Bitcoin, where a new block is mined every 10 minutes on average.

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