The Ethereum Merge: Here’s what you need to know
We are now at the gates of the biggest update in the world of cryptocurrencies, we are talking about the long-awaited “The Merge” of Ethereum, i.e. the moment when the current chain (blockchain) powered via the consensus algorithm Proof of Work (PoW) will join the Beacon Chain, i.e. a parallel chain supported via Proof of Stake (PoS), this in order to improve the scalability and efficiency of the Ethereum network.
After years of development and anticipation, according to official sources, it would appear that in September (it is assumed between 10-20), the big switch will be made. From then on, Ethereum will go from being a protocol with a PoW consensus algorithm, to being PoS.
As already stated several times, this, i.e. ‘The Merge’, is only the first in a series of updates to Ethereum, in fact many of the new features will be made available in the next 6-12 months after the actual completion of the merge.
Therefore, in view of this big appointment, here are some clarifications that may be useful to you:
What should I do with my ethers (ETH) after ‘The Merge’?
You will not need to do anything, automatically the ethers (ETH) in your The Rock Trading account will switch to the Proof of Stake (PoS) network.
You will be able to continue trading during “The Merge” and will therefore not need to close active orders or Hodler Plans involving ethers (ETH).
Deposits and Withdrawals suspended on Ethereum?
As of 17:00 on 14 September, deposits and withdrawals on the Ethereum network will be suspended (including ERC-20 tokens), their reactivation will follow the verification of the security and stability of the ‘new’ Proof of Stake (PoS)-based network; as of today, we are not able to anticipate precise timelines.
Will there be Ethereum forks?
Forks in the Ethereum chain during or near the merge, which are not official, will not be supported, in the event that Ethereum does indeed go through an official Fork, the team will consider whether or not to support the new coin, but basically our policy on forks, which you can find here, remains valid.
Beware of scams!
We encourage you to be cautious and wary, considering the great expectation and media attention this event is generating, there are many who take advantage of this by trying to promote scams.
In this regard, we discourage you from sending ether (ETH) to unknown wallets for some upgrade in view of ‘The Merge’, even more so in purchasing fake ETH2 tokens.
0 commissions and immediate transactions after the Merge?
Not exactly… As mentioned earlier, ‘The Merge’ is only the first in a series of upgrades that Ethereum will have to go through in order to achieve the benefits that have been so much talked about in recent years.
To be clear, after the merge, transaction fees on the Ethereum network will remain more or less the same, although ‘The Merge’ lays the groundwork for sharding, a reduction in gas costs is expected in the future.
The transaction speed will also have to wait for further upgrades before it is significantly reduced.
Translated with http://www.DeepL.com/Translator (free version)
All eyes on Ethereum in view of the Merge
There are still some open points, we will continue to follow the situation closely in the best interest of our users so as to ensure maximum security of funds.
Follow us on our official channels to make sure you don’t miss any new updates on the matter.
