The long-awaited Ethereum upgrade, known as "the Merge," has finally completed, shifting the Ethereum network from an energy-intensive proof-of-work consensus process to proof-of-stake a promise that has been finally fulfilled after years in the coming. The newly upgraded network, called "Ethereum 2.0," is being marketed to make crypto much more eco-friendly, while also speeding up payments and decreasing them sometime in the future. That''s why it is important for crypto investors and their investments to remain transparent.
Is it necessary to do something at my last level to be capable of Ethereum 2.0?
Yes, the Merge will not affect the funds of the holders. After The Merge, all funds will be transferred over, and Ether will still appear as ETH in users'' wallets.
Is it time to reopen mainnet deposits and withdrawals?
Until The Merge was completed, a slew of cryptocurrency exchanges had announced a temporary stop in ETH and ERC-20 token deposits and withdrawals, which has now been lifted. Services such as staking ETH margin trading have also been resumed and should work as they used to during the pre-Merge.
Is it the use of proof-of-stake to make transactions faster on the Ethereum network?
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The Merge''s progress has been spotted by many users. However, the move to proof-of-stake will speed up these lagging transactions. However, the reader will find an excerpt saying that "though some minor changes may exist, transaction speed will mostly remain the same" following the Merge. Those changes have to do with the speed at which blocks are added to the blockchain. It''s certainly a delight, but it''s not enough to be noticed by users.
Will Ethereum''s notoriously high gas fees be lowered due to a proof-of-stake move?
Another advantage that goes hand-in-hand with the expected lower speed is cheaper gas or for users, fees. Again, this is unfortunately not the case. Gas fees are calculated based on the network''s capacity, and the acquisition of proof-of-stake won''t increase Ethereum''s capacity. So, gas fees might remain high when traffic is congested.
What''s next on Ethereum after the merger?
Ethereum''s next strategy is to introduce a process known as sharding, which will divide the main blockchain into smaller, more efficient chains. As Ethereum''s transition from a dirt road into an interstate highway, speeds will be faster and those pesky fees will likely come down. It will also reduce the amount of data validators have to store on their machines, meaning they may operate using a laptop instead of a bank of expensive computers.
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