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The long-awaited Ethereum Merging will finally take place this Thursday, September 15. In order to address the contentious issue of the energy-intensive mining process, Ethereum, the second largest blockchain by market cap, will convert from the Proof-of-Work (PoW) consensus mechanism to Proof-of-Stake (PoS). The energy that Ethereum uses will be reduced by 99.95% as a result of the merge, also making it simpler to scale the ecosystem with Ethereum 2.0 in the near future.
Understanding the Difference: PoW vs PoS
PoW, which requires significant computing power to solve complex mathematical equations for mining new tokens and validating transactions, powers the original Ethereum network (Mainnet). With the integration, Ethereum Mainnet will continue to protect all of the accounts, smart contracts and other data while Beacon Chain will operate in parallel utilizing PoS. The merging process tries to combine two mechanisms and finally enable perpetual use of the PoS system.
In other words, mining nodes won't be necessary any longer for the creation of new blocks. Instead, in order to get rewards, node operators must stake 32 Ether (ETH) as collateral. The money is secured and all history will be preserved during the integration. Holders of Ethereum have nothing to be concerned about.
What Happens Next?
There may be two scenarios after the merge:
Scenario one: No new token is created.
Scenario two: The ETHW chain continues to exist.
Ethereum PoW, a fork of Ethereum, tweeted their post-merge strategy. They are the resistors of the merge. Says on Twitter that: “ETHW Mainnet will happen within 24 hours after the merge”. “The exact time will be announced 1 hour before launch with a countdown timer, and everything including final code, binaries, config files, nodes info, RPC, explorer, etc. will be made public when the time’s up".
Of course, some miners within the Ethereum ecosystem are not pleased about giving up the mining-related income stream. As a result, the merging resistors might develop a new network and crypto alongside Ethereum.
Closing Thoughts
Some people think that PoW's selling point is its superior ability to guarantee security over PoS. On the other hand, other people think that Ethereum will become more scalable and sustainable with Beacon Chain. The merge resistors: Can they succeed? MEXC Global cannot wait to learn more about what comes after this revolutionary shift in the cryptocurrency industry.
Understanding the Difference: PoW vs PoS
PoW, which requires significant computing power to solve complex mathematical equations for mining new tokens and validating transactions, powers the original Ethereum network (Mainnet). With the integration, Ethereum Mainnet will continue to protect all of the accounts, smart contracts and other data while Beacon Chain will operate in parallel utilizing PoS. The merging process tries to combine two mechanisms and finally enable perpetual use of the PoS system.
In other words, mining nodes won't be necessary any longer for the creation of new blocks. Instead, in order to get rewards, node operators must stake 32 Ether (ETH) as collateral. The money is secured and all history will be preserved during the integration. Holders of Ethereum have nothing to be concerned about.
What Happens Next?
There may be two scenarios after the merge:
Scenario one: No new token is created.
Scenario two: The ETHW chain continues to exist.
Ethereum PoW, a fork of Ethereum, tweeted their post-merge strategy. They are the resistors of the merge. Says on Twitter that: “ETHW Mainnet will happen within 24 hours after the merge”. “The exact time will be announced 1 hour before launch with a countdown timer, and everything including final code, binaries, config files, nodes info, RPC, explorer, etc. will be made public when the time’s up".
Of course, some miners within the Ethereum ecosystem are not pleased about giving up the mining-related income stream. As a result, the merging resistors might develop a new network and crypto alongside Ethereum.
Closing Thoughts
Some people think that PoW's selling point is its superior ability to guarantee security over PoS. On the other hand, other people think that Ethereum will become more scalable and sustainable with Beacon Chain. The merge resistors: Can they succeed? MEXC Global cannot wait to learn more about what comes after this revolutionary shift in the cryptocurrency industry.
