Ethereum is 99.9% ready to merge to its new consensus mechanism: Proof of Stake. In this countdown to ETH Merge article, we track the live events of the merge and explain what will happen once this is deployed.
- COUNTDOWN TO ETH MERGE: Happened on September 15th, 2022
- Current Difficulty: 58750000000000000000000
*Note: When a Terminal Total Difficulty (TTD)* of 58750000000000000000000 is met, the merging will take place. Only the previous and present network hash rates may be used to estimate the merging date and time. Since the hash rate fluctuates continually and is wholly reliant on the number of active miners currently on the network, it is impossible to predict with any degree of certainty when the merging will occur. Since this timestamp is affected by the hash rate, it varies when miners join and leave the Ethereum network.
Tweets Ticker: #EthereumMerge
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.
Why is Ethereum a Good Crypto Project?
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 duplicate and therefore can become extremely valuable.
What is Ethereum Merge?
The Ethereum Merge illustrates the conversion of the consensus mechanism for validating transactions in the Ethereum network from Proof-of-Work to Proof-of-Stake. The Ethereum Blockchain should enact quicker and more efficiently after this merge. The scalability of Ethereum and the performance of its smart contracts should be tremendously enhanced, and its carbon footprint reduced by more than 90%.
The Ethereum Merge is an extremely complex procedure that has been jogging on Ethereum for more than a year now. This is also named Update Ethereum 2.0. The update includes some tedious steps to transition the entire network to the modern consensus mechanism.