As part of this upcoming event, the existing execution layer will be merged with the recently implemented consensus layer (the Beacon Chain), creating a mainnet secured by proof-of-stake while still maintaining ETH’s original state.
In the evolution of Ethereum, the Merge represents the next step. By merging the existing execution layer and the recently deployed consensus layer (Beacon Chain), a proof-of-stake mainnet platform will be formed, while maintaining the original Ethereum state.
Ethereum previously had two independent blockchains, the current proof-of-work Ethereum chain and the separate proof-of-stake Beacon Chain.
As a result of this merge, Ethereum’s consensus layer (previously only used for testing) will be the Beacon Chain, which will store and manage the registry of validators. These validators will act as a means of securing the network by bundling transactions into blocks. As a result, Ethereum’s POW mechanism will be permanently scrapped.
Through the Merge, Ethereum platform efficiency will be dramatically improved by eliminating energy-intensive mining. In its place, a network of validators takes on the role of creating and verifying blocks.
Ethereum’s energy usage and carbon footprint will decrease by approximately 99.95% following The Merge, addressing a major concern for regulators, developers and users.
By democratizing access to the validator set, The Merge is expected to further decentralize Ethereum, improving its security over time, since more participants will make coordinated attacks more difficult.
As a result of the Merge, Ethereum’s scalability will be improved further – potentially including sharding and verkle trees support.
As far as Ethereum Dapps and submitting transactions are concerned, The Merge won’t cause any noticeable changes – most wallets and centralized platforms will continue to operate as usual.
Is The Merge going to reduce my Ethereum gas fees?
No, since nothing about the network changes with the switch from proof-of-work (POW) to proof-of-stake. In 2023, the sharding upgrade will significantly increase Ethereum’s throughput, resulting in lower fees as blocks are produced in parallel.
Will The Merge increase Ethereum transaction times?
Ethereum transaction times will be a little less. Under proof-of-work (POW), blocks are generated every 12-14 seconds. A new block will be generated every 12 seconds after this merge. More than 10% faster than before.
All Klever’s ETH nodes have been updated & are ready for The Merge. For security reasons, ETH Swaps in Klever Wallet as well as Klever Exchange Withdrawal & Deposits of ETH will be suspended during & following The Merge until a stable Ethereum network has been confirmed.
