As Ethereum gets closer to switching to a proof-of-stake mechanism, you can get further details and make purchases with the bitcoin loophole, the most noticeable change is the change in language. The protocol is still getting better, but the term has changed the most. Let’s dive deeper into the rebranding of Ethereum 2.0 as the Ethereum Merge and examine the most recent events on Ethereum’s framework as of May 2022.
To What End Does Ethereum Merge Depart From Eth2.0?
The term “Eth 2.0,” which used to mean the full switch from PoW to PoS, has been dropped for a number of technical and cultural reasons. There was a shift on the technical side where the use of Eth 2.0 was no longer an accurate depiction of the PoS change.
Beacon Chain and Sharding were originally planned to be finished before the final transition in the Ethereum 2.0 roadmap. However, the rapid advancement of the Beacon Chain led researchers to conclude that the switch to a PoS mechanism would be postponed for several years due to the emphasis on sharding. Additionally, growing public concern over the ecological impact of PoW chains accelerated the shift to PoS.
Since the launch of the Beacon Chain, Ethereum L2 rollups have become increasingly popular, revealing substantial scalability possibilities even for a non-sharded Ethereum blockchain. As a result, the Ethereum research and development team was freed up to concentrate on the remaining Ethereum upgrade plans, including those for the Proof-of-Work (PoW) chain and the Beacon Chain, rather than the scalability issues that L1 has been experiencing for years.
Update On The Ethereum Merge Process
The Kintsugi testnet was released in late December 2021 as a public testnet for developers of execution and consensus clients and application developers to get used to the new environment after Merge. The testnet was subjected to a barrage of transactions, bad blocks, and random inputs to stress test it and discover flaws.
After discovering some edge cases in Kintsugi, a new specification for the ongoing public testnet was published and given the name Kiln. This will likely be the final public testnet to be launched before the current ones are upgraded. Since The Merge occurred on the Kiln on March 15, 2022, extensive testing has continued on a regular basis. The Ethereum community ran their nodes in practice, released contracts, tried out the network’s infrastructure, and generally gave it a thorough workout to see what would happen.
Crypto Investors Should Know Why The Ethereum Merge Is Crucial
The Ethereum Merge is anticipated to reduce the issuance of Ethereum ($ETH) by about 90%, which has piqued the interest of many cryptocurrency investors. This implies there will be less Ethereum in circulation, and as the supply decreases, demand increases, which could lead to higher prices for Ethereum.
The former name would have promoted cultural confusion regarding Eth1.0 and Eth2.0, making it sound like after Eth2.0 is introduced, Eth1.0 will be gone. Scam prevention was another reason for the rename, since hackers may have tried to convince consumers to swap their ETH tokens for fictional ETH2 tokens.