In less than 24 hours, the long-awaited merger between the current Ethereum Proof of Work blockchain and Beacon Chain, the new blockchain based on Proof of Stake, will take place.
One of the most important and highly anticipated events in the crypto community is coming soon. The Merge, the migration that will lead Ethereum to become a Proof of Stake network, is less than 24 hours away from becoming a reality, according to the Ethereum real-time tracker The Merge on the Watcher.guru platform.
The Merge is scheduled to occur on the Ethereum mainnet when the total terminal difficulty or TTD of 58750 quintillion is reached, possibly as early as Thursday. Currently, the network’s total terminal difficulty sits at 58678 quintillion, according to Ethereum tracker The Merge.
Source: Watcher.guru
Ethereum developers are targeting The Merge for September 15, although it is also possible that the blockchain migration will arrive sooner than expected.
Once the migration is activated, the two current Ethereum blockchains will merge, creating a new chain secured by staking. At that point, block miners will stop validating the network, and the new chain will instead use validators to confirm and process transactions.
The Merge is the most important and significant upgrade in the entire history of Ethereum and the crypto industry and represents an important step towards building a new, more efficient, scalable and secure blockchain, as noted by the Ethereum Foundation. Ethereum's energy consumption will be reduced by approximately 99,95% after the migration.
After The Merge, Ethereum will see four more updates arrive that will lead it to meet its goal of scaling to thousands of transactions per second through the sharding (fragmentation), to reduce gas fees and guarantee its users speed and affordable costs in their transactions.
Continue reading: EthereumPoW advances the date on which Ethereum will be divided
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