The new concept of Ethereum merge is trending nowadays. Ethereum merge is much more effective as compared to writing as it is possible within 2 days only whereas writing takes too much time. is happening in recent times. However, the PoS verification mechanism applies to Ethereum. It is using 99% less energy than blockchain operated through the PoS proof of stake consensus mechanism. Check out how bitcoin become the gold of the 21st century.
Yep, blockchain operating under PoS which is barely impacted is a witness in the real world which is possible with Texas as it is irreplaceable. The web3 community is very impressed and excited about the revolutionary moment in the history of blockchain technology. But it seems that only a few people in the community are excited about this scenario.
Therefore, to overcome these misconceptions, let’s go through the upcoming merge:
- Gas-free merge in earlier times
As Ethereum is acquiring the highest efficient model’s name PoS, many people are expecting the loss or efficiency of the NFT blockchain. They even thought of cancellation of the gas charges which were mandatory for each transaction on the network. Has charge will be applicable at the time of merge for time being at least under the Ethereum blockchain. It is because the merge is just an example of its graduation for Ethereum. The next big expected upgrade will be to introduce sharding in Ethereum.
The official Ethereum website stated that Sharing means “split the database horizontally so that the load can spread”. This process reduces a load of network congresses on without constructing more crypto-mining farms. It is workable with a 2-layer solution to measure the existing Ethereum network and increase the capability of the Ethereum network for an increase in several transactions per second.
- Ethereum sharing process
Therefore, the sharing process does not need any validation because its machine works as a node on Ethereum to store the data of whatever transaction is currently verifying. This Ethereum network needs a less powerful machine for the long term to work as a validator on the network. Due to this benefit, the Ethereum network can be extended for a further period also. But the question arises in mind what will be the impact of sharding on gas charges for transactions done on the layer-2 network?
Unless PoS counterparts run faster than their PoW counterparts, then the merger cannot make transactions rapidly. The merger does not apply to Ethereum. The main focus of the merge is to make the transaction on Ethereum more secure. Transactions have a finality about them through the introduction of epochs. As followed by Merge, the validators can vote and authenticate the data blocks on Ethereum which get bundled into epochs, with a limited period. Once the data has been authenticated by the consensus, the authenticity of transactions will be finalized and reach the next epoch.
- No possibility to withdraw staked ETH
If anyone wants to raise the ETH following the Merge process then the process should be long-term. But it is not true as after merge, all staking rewards will be locked up on the Beacon chain after issuing all new ETH. If all these funds will remain in liquidity for 6 to 12 months following the Merge, Ethereum holders are quite interested in staking ETH. To become an Ethereum network update, you must have to lock up 32 ETH which is approximately $50 grand. Then what will be the value of Ethereum stakes until it’s updated? The only solution to blockchain environmental concerns is not a Merge. The answer will be immediate. Although Ethereum converted energy consumption into oblivion, blockchain uses more energy than in smaller countries.
- Why Ethereum is the best
According to a new white House report, the energy consumed by Ethereum is 20-30% of the blockchain network global energy usage. On the other hand, Bitcoin’s contribution towards energy consumption is 77%. As compared to Ethereum, bitcoin’s energy consumption is a strain on the environment due to its existence as a PoW network whereas Ethereum is shrinking its energy consumption.
The end of NFT of Ethereum merge signals has a very bad influence on the environment. Therefore, it is very necessary to merge the other players in the blockchain spaces, especially bitcoin. After all, it is the next level way to use its full potential with the merger process.