All You Need to Know About: The Ethereum 2.0 Merge
All You Need to Know About
The Ethereum 2.0 Merge
Table of Contents
- What is The Ethereum 2.0 Merge?
- When will the Merge happen?
- Will the Ethereum network stop working during the Merge?
- What should I do with my Ethereum assets in my Ethereum account during the Merge?
- Will I need to “upgrade” my Ethereum account and assets before the Merge?
- Will the Merge affect the gas fees on Ethereum?
- Will the merge make Ethereum faster?
What is The Ethereum 2.0 Merge?
The Ethereum 2.0 Merge is an upgrade to the Ethereum network to improve scalability and security. It will change the way the Ethereum network comes to consensus. Consensus means agreeing on how new blocks are produced and ordered in the Ethereum blockchain.
This upgrade involves a shift in Ethereum’s “Proof-of-Work” (POW) mining model which creates and orders new blocks, to a staking model “Proof-of-Stake” (POS). The new Proof-of-Stake (POS) will become the new consensus mechanism.
When will the Merge happen?
The Merge is currently scheduled to take place around the week of September 15, 2022.
Will the Ethereum network stop working during the Merge?
No, the Ethereum network will continue functioning throughout the Merge. However, it is not guaranteed that the Merge will be completely seamless and bug-free. Therefore, it is recommended to avoid any high-value transactions and NFT transfers during the Merge.
What should I do with my Ethereum assets in my Ethereum account during the Merge?
Nothing, all your ETH, ERC-20 tokens and NFTs are completely safe in your Ethereum accounts.
For ETH holders, no particular action is needed to “transfer” ETH from the 1.0 to the 2.0 chain. Ethereum 1.0 will simply become part of the 2.0 chain, meaning ETH holders can continue using (or HODLing) their ETH just as they were before––but on a chain that is more secure and scalable than they’re used to.
Will I need to “upgrade” my Ethereum account and assets before the Merge?
No, your Ethereum account, ETH, NFTs and ERC20 tokens do NOT require any update/ upgrade/ migration/ transfer/ sync before or after the Merge.
Will the Merge affect the gas fees on Ethereum?
No, the Merge is not designed to make the Ethereum network cheaper to use.
Will the merge make Ethereum faster?
Not really. In the current POW system, new blocks of transactions are added to the blockchain every ~13 seconds on average. After the Merge, new blocks will be added at a regular 12-second interval. Although this should translate into a very slight speed increase, it’s unlikely the change will be noticeable.