“The Merge” and ETH 2.0
Today is the day！ “The Merge ”！The easiest way to keep tabs on the Merge is to look up “Ethereum Merge” on Google, and you will be able to see a countdown timer.
1. Introduce ETH2.0
When we are so close to The Merge, there is no more “ETH 2.0”. As when “ETH 1.0” and “ETH 2.0” merges into one single chain, there is going to be only one chain left- Ethereum.
“The Merge” is an update to a new method for processing transactions, it is the merge of the Ethereal Mainnet and the Beacon Chain. The system is going to eliminate the “Proof of Work” Mining once and for all when “The Merge” is finished. The new Ethereum is only secured by Proof-of-stake and going to be more scalable, secure, and sustainable. At the same time, Ethereum is becoming a deflation asset.
1. What should you do during “The Merge”
3 important lines are below for Users and holders!
You do not need to do anything to protect your funds entering The Merge!
No action is required to upgrade on your part!
You should be on high alert for scams trying to take advantage of users during this transition!
If you are node operators and Dapp developers, Check ethereal.org for the guide to Ethereal upgrades.
2. The Timeline
Beacon Chain genesis
Dec-01–2020 12:00:35 PM +UTC
🧱 Beacon Chain block number: 1
ETH price: $586.23 USD
The Beacon Chain needed 16384 deposits of 32 staked ETH to ship securely. This happened on November 27, meaning the Beacon Chain started producing blocks on December 1, 2020. This is an important first step in achieving the Ethereum vision.
London
Aug-05–2021 12:33:42 PM +UTC
🧱 Block number: 12,965,000
ETH price: $2621 USD
The London upgrade introduced EIP-1559, which reformed the transaction fee market, along with changes to how gas refunds are handled and the Ice Age schedule.
Gray Glacier
Jun-30–2022 10:54:04 AM +UTC
🧱Block number: 15,050,000
ETH price: $1,069 USD
The Gray Glacier network upgrade pushed back the difficulty bomb by three months. This is the only change introduced in this upgrade and is similar in nature to the Arrow Glacier and Muir Glacier upgrades. Similar changes have been performed on the Byzantium, Constantinople , and London network upgrades.
The Merge and Shanghai Upgrade
The Merge will be triggered when the network passes a threshold accumulated difficulty, known as the TTD (terminal total difficulty). In order to simplify and maximize focus on a successful transition to proof-of-stake, The Merge upgrade will not include certain anticipated features such as the ability to withdraw staked ETH. The Shanghai upgrade is planned to follow The Merge, which will enable the ability for stakers to withdraw.
3. The future
Vitalik shows his plan after the merge- After 5 key points, the TPS of Ethereal could achieve 100K.
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