The Merge is successful. What will happen now?
The most awaited and biggest event of crypto verse planted its victory Flag on 15th September. The event was "The Merge", through which the Ethereum blockchain has successfully shifted from Proof of Work to Proof of Stake. What does this mean to others and the Ethereum community? Let's dive into it deeply.
The foremost thing you should know is that it's not the end. Vitalik Buterin, the Founder of Ethereum, has proposed five significant upgrades to be taken place by 2030, followed by Surge, Verge, Purge and the Splurge marking the "Final game" of Ethereum ecosystem.
What was the aim of "The Merge"?
The Key focus of the Merge upgrade was to switch the Ethereum ecosystem from proof-of-work to a proof-of-stake consensus mechanism to cut off the worldwide electricity consumption to 0.2%.
What will happen to the Mining Farms?
All the mining machines will be shut down, erasing the identity of Ethereum miners. It will pave the way for validators, who will stake their Ethereum, verify the transactions, and generate new Ethereum as a reward for verifying the transactions on Ethereum Blockchain.
How can you become a Validator?
To become a Validator, one must have 32 ETH. You can participate in staking pools if you have less than 32 ETH. In a staking pool, a group of people combines their resources to become a validator. The staking rewards then get distributed as per the pool payout method.
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