As one of the most anticipated events in the crypto space in recent times, there are undoubtedly rumors and misconceptions surrounding The Merge. As it goes live in a few weeks, the Ethereum team has clarified some of these fallacies in a new blog post.
Will the merger lower gas tariffs?
The Ethereum Mainnet will soon merge with the Beacon Chain proof-of-stake system, marking the end of the current proof-of-work mechanism. This mechanism is energy efficient, in fact Ethereum’s energy consumption will be reduced by 99.5% according to the blog post
This in no way leads to a reduction in Ethereum’s gas tariffs, as the team revealed: “The merger is a change of the consensus mechanism, not an expansion of network capacity, and will not result in lower gas prices.” This is probably also the most widespread misconception.
Another statement that the team deemed incorrect is the “32 ETH is required to run a node”. According to them, running a node is not limited to a group of people and as such does not require any amount of ETH.
The message also clarifies whether any historical or transactional data will be lost after merging. The answer to this is also no, the team clarifies.
Other important things to note about the merge
There are other things to note from the extensive blog post and one of them is that, after merging, ‘transaction speed will largely remain the same’. The merge does not necessarily increase the capacity of the network and it is just a consensus mechanism.
In addition, the merge upgrade will take place without any downtime as designed and there will be no loss of money or static electricity in the blockchain.
Validators are rewarded with tips/MEV which are deposited into a mainnet account and administered by the validator immediately after the merge.
Abigal .V. is a cryptocurrency writer with over 4 years of writing experience. She focuses on news writing and is adept at finding current topics. She is a fan of cryptocurrencies and NFTs.
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