Long-awaited Ethereum Merge imminent
Ultrasound • November 08, 2022
The anticipated network upgrade of Ethereum is scheduled to happen in the morning of 15 September. ‘The Merge’, As of writing of this article is 4420 blocks away from happening, marking the most significant upgrade on the second-most valuable crypto-asset network.
Currently, Ethereum uses a Proof-of-work model similar to that of Bitcoin to order transactions and secure the network. After the upgrade, the network will operate under less energy-intensive Proof-of-Stake model where transactions will be ordered by validators that stake their capital.
Proof of Stake networks yield higher transaction throughputs by not needing to solve difficult math equations and open up consensus validation to a wide array of people. While some stake directly themselves, crypto exchanges and web3 applications are offering Ethereum Staking as well, making it even more accessible in return for a (small) service fee. Questions about centralisation of validation still exist, but for now all attention is on the Merge.