The Ethereum “Merge” has become a hot topic among top crypto analysts after the incident that led to the collapse of the Ethereum network in the sale of Otherside by Yuga labs, with nearly $200M lost as gas fees.
Related Reading: Proof of Work Vs Proof of Stake – Laneaxis
The Ethereum merge, also known as Ethereum 2.0, is the upgrade of the existing execution of the Ethereum layer 1 from proof-of-work (PoW) to proof-of-state (PoS), Beacon chain.
POW was first used by the early pioneers of the blockchain Bitcoin and Ethereum. It aims to achieve decentralization and security by using miners to decode cryptographic algorithms or puzzle-like maths.
As the demand increases for transactions, it becomes slow, gas fees increases, and resources intensify.
Proof-of-Stake (POS) is similar to POW, just that users authenticate transactions on the blockchain employing stake and get rewarded.
“The Merge” is a massive step for Ethereum and the community; it is important to note that the Beacon chain is shipped separately f ..
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