After many speculations, the Ethereum Merge date was finally announced. The promises of the reality of the merge were not even close for most skeptics, but the latest developments pushed the new advancements in Ethereum’s growth. In this article, we’re going to talk about what the Merge is about and when is the Ethereum Merge date.
What is Ethereum Blockchain?
Ethereum is a decentralized blockchain platform that creates a peer-to-peer network for safely executing and validating smart contract application code. Participants can do business with one another using smart contracts without the need for a reliable central authority. Participants have complete ownership and visibility over transaction data since transaction records are immutable, verifiable, and securely disseminated across the network. Ethereum accounts that users have created both send and receive transactions. As a cost of executing transactions on the network, a sender must sign transactions and use Ether, Ethereum’s native coin.
What problems does Ethereum solve?
Ethereum provides the basis for decentralized applications or dApps . These decentralized applications offer the advantages of the blockchain in different areas in the digital space. The basis for this are intelligent contracts, the smart contracts that use the Ethereum blockchain.
The best-known group of decentralized applications is probably DeFi. These are decentralized financial services that have grown in popularity in recent years. Furthermore, Ethereum is the basis of most non-fungible tokens (NFTs). NFTs are unique digital objects that cannot be duplicated and therefore can become extremely valuable.
What should Ethereum 2.0 Update improve?
Ethereum had to address the problems in order not to fall behind the modern blockchains. Due to its pioneering position in smart contracts, Ethereum continues to be a leader in NFTs and DeFi. However, blockchains such as Solana and Terra are massive competitors of the Ethereum blockchain.
In addition to other small improvements, Ethereum 2.0 has one important task in particular: the switch from Proof of Work to Proof of Stake. This conversion has taken place over the last few months through various upgrades that Proof of Stake was to introduce step by step.
What are the phases of Ethereum 2.0?
There are roughly 3 phases in the development of Ethereum 2.0:
- Phase 0: Ethereum developed the so-called Beacon Chain , which is completely based on the Proof-of-Stake consensus mechanism.
- Phase 1: So-called shard chains initiated. These are separate blockchains organized via the Beacon Chain.
- Phase 2: The old Ethereum 1 Chain is connected to the new Beacon Chain (Ethereum 2.0 Merge)
Ethereum Merge Official Date: When will the Merge Happen?
According to Bankless.ETH tweet, the launch of Ethereum 2.0 should take place on September 15-16, 2022. There has been many delays to this date, but this time, the community is sure about this event as the Ethereum merge schedules for when the Total Terminal Difficulty (TTD) becomes 58750000000000000000000. When this difficulty is reached, the merge is supposed to happen, which falls around September 15-16, 2022.
Will Ethereum price increase after the Merge?
In a previous article, we analyzed how Ethereum prices shot high in anticipation of the Merge events. At the current price of around $1,850, Ethereum should consolidate briefly before continuing on its uptrend. However, there are some analysts that predict chaos when the merge occurs. This is because Ethereum miners will migrate to another blockchain, or because we might witness yet another fork.
In all cases, it is important to add stop-loss areas to Ethereum prices as we predict high volatility during those times. If prices were to soar, adding a stop-loss price would not hurt. If things turn sour, this stop-loss would save your hard-earned money.
