Ethereum Merge: A Short Summary of the Highly Anticipated Transition
The Merge has just been completed, this would imply that the Beacon Chain has taken over the validation process of new transactions through Proof-of-Stake, permanently erasing the Proof-of-Work model. On the Beacon Chain, validators have already staked over 13 million ETH. As a result of the merge between the main network of Ethereum blockchain and Beacon Chain, all transaction history, smart contract, and balance since July 2015 will also be merged.
A Merge like this one is a considerably rare event in the crypto space, which is why it had drawn so much attention in the first place. Due to the rarity of this situation, it has not only been marked in the history of cryptocurrency, it has also been a way to increase market confidence after the period of volatility.
This transition to Proof-of-Stake is projected to reduce 99% of energy consumption. However, the Merge is not without concerns. One of which being that the Proof-of-Stake model could facilitate a large amount of wealth between a small pool of validators, making the barrier to entry much more difficult. Many have countered this with the belief that the pros outweigh the cons of this entire Merge. Thought process being that, it could open doors for Ethereum and expand its potential for utility for the future, should the transition be as successful as planned.
About Coinstore.com
Coinstore.com is a trading platform that holds global influence and is endlessly serving users with smooth and secure cryptocurrency trading services, derivatives business, and OTC services. Our core team consists of experienced financial professionals and blockchain technical talents who provide value in the development of sectors such as digital finance, blockchain technology, and network security protection.
With 180 employees worldwide, Coinstore.com confidently provides users with leading performance in services and security advantages.
Coinstore Media Contact
Song Yuchen, Marketing Director | yuchen@coinstore.com
Bommi Hua, Marketing Manager | Bommi.hua@coinstore.com
Jennifer Lu, Co-Founder | Jennifer.lu@coinstore.com
Coinstore.com Social Media
