Ethereum one of the leading blockchain networks starts one of the biggest upgrade processes ever undertaken, The Merge.
The first part of the update has just happened. The second part, “Paris”, will be the starting point of The Merge.
Thus Ethereum Mainnet will merge with the Beacon Chain proof-of-stake system.
It is a fundamental change in the governance and validation mechanism of blocks. Initially we will have lower energy consumption, promises of lower transaction rates and scalability are also part of the package.
When the next block number occurs, each existing Ethereum wallet will receive an updated version of the software.
At this time, each user will be able to transfer their ETH tokens to other wallets without experiencing transaction issues.
After this phase occurs, there is a possibility that some wallets may not update their software in time and experience transaction failures.
As a result, waiting a few days may guarantee a smoother process for all users.
There are several ways in which the Ethereum community can support upcoming projects.
One way is to post information about these projects on social media such as Hive, Leofinance, Reddit and Twitter. Additionally, users can join Discord or Telegram groups to discuss upcoming releases and provide feedback to developers.
Joining a group is also an excellent way for casual users to support future development efforts.
For example, there was an active Telegram group for Metronome that organized before and after snapshots for DApps on the platform. This group has helped propel Metronome to success by generating excitement among both experienced and new cryptocurrency fans alike.
As exciting as new releases are for Ethereum developers- they are far more exciting for cryptocurrency enthusiasts in general.
The fact that several major updates are imminent is sure to excite many people waiting for their ETH tokens to arrive in their wallets. While there are several ways in which the Ethereum community can support upcoming projects- it is important to do so responsibly.
Beware and watch out for your cryptos!
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I mostly got out of ETH a while back... too expensive, but I'll have to watch this merge as I still have a little stack to deal with. Thanks
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It ended up becoming a store of value like bitcoin, the fees extremely expensive. Good for the long term in terms of the appreciation of the asset itself. But I think new possibilities can happen with The Merge for the entire crypto/blockchain ecosystem. Thanks for the comment.
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New possibilities will happen for sure!