Google, an Alphabet based search engine displays a countdown clock displaying the number of hours left for the Ethereum Merger. This Ethereum Merger is an event that aims to switch Ethereum’s network from Proof-of-Work (PoW) to the Proof-of-Stake (PoS) algorithm. The event is all set to change the working of the blockchain, with the aim to make the Ethereum blockchain less energy intensive.
According to Google Trends, China, Switzerland, Singapore, Cyrus and the Netherlands are the nations with the greatest interest in Ethereum Merge, since the last seven days.
This merger will take place on September 15, 2022. To gain a better perspective, blockchain relies on validators (crypto miners) to verify each transaction which occurs on the blockchain. For example, if someone sends ₹1000 worth of crypto to another person via the Ethereum blockchain, the transaction has to be verified before listing it on the blockchain database. For this purpose, validators run complex algorithms on energy-intensive systems. Later, they reward cryptos for verifying hundreds and thousands of transactions which happen on a regular basis.
However, this transfer process is energy intensive because validators have to run their computers for hours which requires electricity. There will not be any requirement to run devices rather one device can fulfil the need of verifying the transaction with Ethereum switchin to PoS. Although any individual wanting to be a validator just has to stake some cryptos in the mining pool. This is called Staking.
As per the Ethereum Foundation, the merger will significantly make no changes on any parameter that directly influences network capacity or throughput. This means that there will not be any kind of change in the gas fees and it would all depend on demand and supply, when more people use the blockchain the gas fee charges will be high, when less used it will be cheap.
The Ethereum Merger is expected to provide multiple benefits to developers and end users. It can notably make it easier for developers to build dapps that are compatible with one another. Further, it paves the way for new decentralised ecosystems in the future.
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