Wed. Apr 24th, 2024

The Ethereum (ETH) Team Denies The Rumors Around The Merge

Ethereum-Merge-rumores

✍️ 18 August, 2022 – 17:00 👤 Editor: Jakub Motyka

  • The Ethereum (ETH) team clears up the rumors around the next merge.
  • They especially emphasize that the upgrade will not lower gas rates on its own.
  • The Merge will remove the network’s dependency on miners for transaction validation.

As the date for the Ethereum Merge approaches, the development team addressed the rumors surrounding it. Let us remember that the event known as The Merge seeks, among other things, to migrate the Proof of Work (PoW) consensus system to Proof of Stake (PoS). This has caused false expectations to be generated within the community, which have been pointed out by the team in charge of the update.

Last Thursday, the news of the successful merger of the consensus layer with the Goerli testnet, ignited the spirits of the crypto community. This would be the previous step to the merger with the consensus layer execution of Ethereum that will allow the creation of the new PoS blockchain. Following the FOMO awaiting the Merge, the price of Ethereum (ETH) has seen an increase of more than 10%, hitting $1,900. However, many investors have bought on the premise of that the network capacity will increase after implementation.

What Should We Expect, Despite The Rumors, From The Ethereum Blockchain After The Merge?

The Ethereum development team has made special emphasis that the upgrade, by itself, will not lower gas fees. In their words, “Merge eliminates the use of proof-of -work, transitioning to proof-of-stake for consensus, but does not significantly change any parameters that directly influence network capacity or performance“.

Merge will eliminate the need for energy-intensive mining for transaction validation. This will make it more affordable, sustainable and attractive to institutional investors. Possibly there will be a slight reduction in gas rates with the introduction of sharding, which will allow validator nodes to be part of the network using only part of it. Until then, scalability and transactionality will remain in the hands of layer 2 networks, which will have new security tools.

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