Ethereum, the most popular crypto platform, is set to unveil a new technological infrastructure next month that is designed to reduce its energy consumption by more than 99 percent. The upgrade, called the Merge

What is ETH Merge?

The Merge is a plan to transition the Ethereum blockchain from proof-of-work to proof-of-stake, with a goal to slash the blockchain's energy consumption and lay the ground for it to be more productive in the future

When will the Merge Happen

While there is no set date for The Merge, developers are currently aiming for September 15th or 16th, 2022.

The final date will depend on a few factors.

Is ETH 2 the same as ETH?

Ethereum 2.0, also known as Eth2 or “Serenity,” is an upgrade to the Ethereum blockchain. The upgrade aims to enhance the speed, efficiency, and scalability of the Ethereum network so that it can avoid bottlenecks and process more transactions simultaneously.

What happens to my ETH after the merge?

After The Merge, Ethereum's blocks will be produced only through the Beacon Chain leveraging a proof of stake model. Ethereum's proof of work model will be shelved permanently. The Beacon Chain will be actively coordinating all the block validating activity, randomly selecting validators for participation

Specifically, the Ethereum 1.0 chain will become one of the 64 shards that make up Ethereum 2.0. This means that the entire data history will be preserved. For ETH holders, this means no particular action is needed to “transfer” ETH from the 1.0 to the

2.0 chain

Your existing ETH tokens will be transferable to the Ethereum 2 chain. The legacy proof-of-work Ethereum chain will continue alongside the new Ethereum 2 chain initially.

Do I need to do anything? Are my funds safe?

You might be wondering if you need to do anything before The Merge. The answer is no! You shouldn't notice any difference using the Ethereum network before The Merge or after.

No history will be lost. As the Ethereum mainnet gets merged with the Beacon Chain, it will also merge the entire transaction history of Ethereum. You will also retain your full wallet history in Liquid.

Your funds are totally safe.

Will ETH 2.0 reduce gas fees?

Ethereum Merge will not reduce gas fees

Will I be able to Deposit and Withdraw ETH during the upgrade period?

NO you will not be able to Deposit or Withdraw during this period, Liquid will advise when you should stop and when you can start again

Will Ethereum be renamed?

No, the Ethereum network will not be renamed, nor will the cryptocurrency ETH.

For a time, people were referring to Ethereum after The Merge as Eth2, but this term has now been deprecated.

This came from the Ethereum mainnet being referred to as Eth1, and the Beacon Chain as Eth2. But after merging Eth1 and Eth2 into a single chain, there will only be Ethereum.

Is ETH 2.0 a hard fork?

ETH 2.0 is an evolution, not a revolution of the current Ethereum infrastructure. ETH 2.0 is not a hard fork because: Although they are implementing it as a separate chain, they will migrate ETH 1.0 contracts and accounts to one of the 64 shard chains on ETH 2.0.

WHAT ARE THE BENEFITS OF THE MERGE?

1. Transition from PoW to PoS

This is a more efficient consensus mechanism in terms of logic used in the network, thus will be beneficial to the Ethereum ecosystem as a whole.

2. Energy efficiency

This transition from PoW to PoS would also bring about a 99.95% drop in the consumption of energy that we see in Ethereum today, thus making it one of the most radical moves in the crypto industry.

3. Sharding

Sharding basically sets the stage for the future of the Ethereum ecosystem for future scaling upgrades that will be required as the crypto ecosystem and the market grows with time.

4. Use-case & investment narrative

The successful completion of the Ethereum Merge would also bring about a major change in the fundamental functioning, opening up the doors to many more use cases in the space and drive further investment narrative for the altcoin king.

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