Blog_2Blog_2Blog_2Blog_2
  • MARKET BUZZ
    • Daily Crypto News
    • Weekly Wrap Up
  • TOPICS
    • Crypto Basics
    • Defi
    • Metaverse
    • NFT
    • Blockchain
  • CRYPTO VERSE
    • Investing
    • Cryptocurrency
    • Price Predictions
    • Crypto Technical Analysis
    • Crypto Ama
    • Investment Research
  • PRODUCT
    • Tutorials
    • Product Features
    • Security Compliance
  • COINDCX
    • Announcement
    • Community
    • Crypto Competition
    • Listings
    • Opinion
    • Stories
Visit CoinDCX
✕
            No results See all results

            Top Crypto News Today: Will the Upcoming Ethereum Merge Change the Crypto Market Forever?

            August 22, 2022
            Top Crypto News Today: What Does The Merge Mean For The Crypto Space

            The Ethereum ecosystem and its new upgrade from working with a Proof of Work consensus mechanism to a Proof of Stake consensus mechanism have the crypto space lurking around the ETH tokens! Any software upgrade is not usually deemed as a cause for celebration, however, in the crypto world, this Ethereum upgrade apparently is! 

            The crypto platform Ethereum has been prepping for a major systems overhaul since 2020 that, among other things, would help in making it more energy efficient. Analysts and investors are of the opinion that the planned changeover, which we know as “the Merge” in crypto circles, is driving up the price of Ether, the in-house token of the Ethereum blockchain.

            LiveMint reported that ‘As of 5 p.m. ET on Friday, the price of ether was up 87% from a low on June 18. Bitcoin, the only crypto bigger than Ether, was up about 20% in the same time frame, according to Dow Jones Market Data. The aggregate open interest of ether futures across exchanges—a measure of investors’ enthusiasm for the cryptocurrency—has surged since the start of July, according to data from The Block.’

            According to Katie Talati, the director of research at crypto asset manager Arca, The Ethereum Merge upgrade is a difficult technological undertaking in part. It is so because there are already thousands of decentralized applications with billions of dollars deposited in them running on the Ethereum blockchain.

            Ethereum Merge and Crypto

            To get a whole picture of the implication of Ethereum and how the Merge is playing a role in the future of all ETH holders, let us take a cumulative look. Ethereum is primarily a platform for developers to build and operate crypto applications, similar to IOS or Android. However, the difference lies in the fact that while IOS and Android apps are usually controlled by Apple or Google, these ETH applications are decentralized.

            With the crypto market in the doldrums since peaking in November, some analysts and investors have viewed the Ethereum Merge upgrade as one of the few coming catalysts that could give a new boost to the market. 

            The upgrade is called the Ethereum Merge because it is the merging of the current proof-of-work Ethereum blockchain and the proof-of-stake “Beacon Chain” created by Ethereum developers.

            The famously known proof of work and proof of stake consensus mechanisms are both mechanisms that are used by the crypto networks to verify transactions and add them to the blockchain. While the proof-of-work model was pioneered by Bitcoin, where a decentralized network of computers solves complex mathematical puzzles to process transactions and earn rewards in the form of newly created BTC tokens. The process is energy-intensive because the network requires miners to run powerful machines 24/7.

            On the other hand, the Proof of stake vs Proof of Work, allows users to participate in securing a network by putting their own crypto holdings on the line. In PoS, by locking up the coins, investors have a financial incentive to make sure transactions are valid.

            Switching to the proof-of-stake model would likely make Ethereum a little faster, more secure, and energy-efficient. The Ethereum Foundation said in one of its publications that the change is expected to reduce Ethereum’s electricity usage by about 99.95%.

            The newly upgraded Ethereum would function mostly the same for investors and traders. However, it is a little different story for miners who have invested in hardware to mine ether. For the miners, the Ethereum Merge upgrade could hurt as there will not be any need to intensive puzzle solving and energy consumption anymore. 

            Kosala Hemachandra, CEO and founder of MyEtherWallet, said, “There are tons of miners and mining pools. They will immediately lose millions and millions of dollars of revenue when the merge happens”.

            Source: LiveMint

            Learn more about The Merge at ethereum.org 

            Share
            0
            CoinDCX
            CoinDCX

            Related posts

            March 29, 2023

            Why Is Litecoin striving to keep up with Bitcoin in 2023?


            Read more
            March 29, 2023

            Shapella Upgrade to enable ETH Withdrawals on Ethereum Blockchain


            Read more
            March 28, 2023

            Ripple Price approaching $0.5, What triggered a 7% Jump in XRP Prices?


            Read more

            Recent Posts

            • 0
              Linear Finance Price Prediction 2023: Will LINA a price hit $0.05?
              March 29, 2023
            • 0
              Why Is Litecoin striving to keep up with Bitcoin in 2023?
              March 29, 2023
            • 0
              Shapella Upgrade to enable ETH Withdrawals on Ethereum Blockchain
              March 29, 2023
            • 0
              Shiba Inu Price Prediction 2023: Will SHIB Price Make it Above $0.0001?
              March 29, 2023
            • Ethereum Shanghai Upgrade0
              The ‘Ethereum Shanghai Upgrade’ is (Finally) Going Live in April 12, 2023: Everything You Need to Know
              March 29, 2023

            Categories


            • BTC to INR


            • ETH to INR


            • USDT to INR


            • USDC to INR


            • BNB to INR


            • BUSD to INR


            • XRP to INR


            • ADA to INR


            • SOL to INR


            • DOGE to INR


            • SHIB to INR


            • MATIC to INR


            • TRX to INR

            Invest in Bitcoin, Ethereum, & other 200+ crypto assets.
            Download the app now, register & start with as low as Rs.100
            ios download link
            android download link
            qr code for download

            COMPANY

            Security
            Blog
            About
            Careers
            Referral Program

            PRODUCT

            Margin
            Trade
            Futures
            Insta
            Convert
            Lend
            Markets
            API Documentation

            SUPPORT

            Contact Support
            Frequently Asked Questions (FAQ)
            Contact Us

            • Customer Support: [email protected]
            • Team: [email protected]
            • Press: [email protected]

            SOCIAL LINKS

            Icon of FacebookFacebook
            Icon of FacebookTwitter
            Icon of InstagramInstagram
            Icon of TelegramTelegram
            Icon of LinkedInLinkedIn
            Icon of RedditReddit

            Logo of CoinDcx Download our Android/iOS App: CoinDCX Ⓒ All rights reserved by Primestack Pte. Ltd.

            DISCLAIMER

            The information and material contained herein are subject to change without prior notice including prices which may fluctuate based on market demand and supply. The material available on the site is proprietary to CoinDCX, its parent, Licensor and/or its affiliates and is for informational purposes and informed investors only. This material is not: (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, or (ii) intended to provide accounting, legal, or tax advice, or investment recommendations. Note Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.

              Visit CoinDCX
                        No results See all results
                          Go to mobile version