The 2nd largest blockchain system in the world, ethereum entered into a new era of technology on 15 Sep 2022 from proof of work to proof of stake. In this era, Ethereum crypto introduces a new way for verification of transactions on its blockchain system. It’s the largest merge in the history of the cryptocurrency.
Shifting of mechanism from pow to pos turns the crypto Ethereum to Ethereum 2.0. The evolution of Ethereum 2.0 brings a number of questions to the minds of investors as well as traders. This merger is beneficial for the general public or for developers themselves.
In the old mechanism (POW), the miners competed with each other by installing advanced hardware and solving complex arithmetic and puzzles to create blocks for the Ethereum crypto. While in the POS mechanism the validators are chosen on a random basis who has a minimum of 32 cryptos Ethereum around about 50,000/- dollars. Furthermore, the validators who have more than 32 crypto Ethereum has got the maximum chance to be selected or chosen. In both cases, the validator or miner can earn a transactional fee as well as new blocks of eth.
Ethereum 2.0 is available on the KuCoin crypto exchange. KuCoin listed both the cryptocurrency before and after 15 Sep 2022. Meanwhile, the old Ethereum is not obsolete, while they are still available and converted into Ethereum 2.0. KuCoin provides a number of advantages over other crypto exchanges that are working in the market.
In this merger, a number of questions are addressed to eth Stakeholders for clearing their minds.
If POS is superior then POW
There is no question of superior or inferior. In pow, the miners are involved and this crypto does not want to give the task who has low competing hardware or who can afford the advanced hardware to solve complex transactions. On the other hand, the POS is a validator who afford the expensive mining rigs and solves complex puzzles. Furthermore, it pertains that the system is taken from the huge number of miners and handover to the specific validators to make their monopoly.
Is transaction fee increase after merge
No, the transaction fee is not increased for crypto holders. They enjoy the same benefits as the old transactional expense. The competent authority has no intentions to increase the transactional fee til 2023.
Is speed increase with merge
POW mechanism takes 13 to 14 seconds to add a new block in the Ethereum crypto. After the merging, this crypto takes 12 seconds to add a new block in the chain of crypto. Experts said that is not an improvement in the field of speed. Most cryptocurrencies like Solana take 10 seconds to add a new block which is really quite impressive.
Ethereum users take some action
The Ethereum crypto holder does not need to take any action after merging. They can regularly use the crypto just like before the merger. They can trade or invest as usual from any crypto exchange.
Is there a chance of the price increase of Ethereum
The merger does not affect the crypto price. In real-time the crypto price is not set by the coalition, there are undoubtedly multiple elements that can affect the price of cryptos like demand and supply, rumors, market fluctuations, strategy, and validators’ work efficiency.
Is the merger be successful
The success of any merger is defined by the feedback of investors and traders. If stakeholders find it feasible for them then there are likely chances of success. They certainly compare the new version with the old version of crypto to extract the extra advantage that they can get in the new updated version.
Conclusively, all the points that are discussed above point toward noting the change in the front end but at the back end. The developers are seeking its speed, security, and synchronization with other applications and platforms in long run. The miners who have 32 ethereum can continue their work by entering the validating program. While the others are kicked out of this system. In this echo system second largest crypto focus on energy-saving technology around about 99%. This big step makes it different from the other cryptocurrencies in the online market.
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