If Bitcoin is the digital gold of the crypto sphere, then Ethereum is the digital silver. The blockchain powerhouse headed by Vitalik Buterin has taken the world by storm since its foundation in 2015, and its price journey has outperformed BTC on several occasions.
From its starting value of just under $1, the price of Ethereum surged to more than $4,800 last year. This was some of the biggest Ethereum news, but 2022 has marked a major landmark in this cryptocurrency’s journey: The merge!
The merge is seriously exciting, from overhauling price predictions and revolutionising trading to taking Ethereum into the future. Today, we’ll look at how it will change things and cover everything you need to know. But first, what exactly is The Merge?
What Is The Ethereum Merge?
The Ethereum Merge has been a long-awaited upgrade of the digital framework of the world’s second-biggest cryptocurrency that an inefficient energy-sapping system has long been plagued by.
By swapping proof-of-work (PoW) for proof-of-stake (PoS), a seriously difficult and time-consuming task like a digital version of switching the engine of a car, Ethereum has now achieved energy efficiency and can class itself as one of the few environmentally-friendly cryptocurrencies that now consumes around 99.9% less energy.
To put this into perspective, this transformation is equal to the country of Finland closing down its national power grid, according to Digiconomist.
And it’s not just energy efficiency that The Merge will bring. According to the team behind the Ethereum network, the transition from proof-of-work to proof-of-stake will lead to more security and scalability for the Ethereum platform, which is home to more than $60 billion worth of crypto exchanges, lending companies, and non-fungible token (NFT) marketplaces.
“If you’re investing in Ethereum or any kind of blockchain technology, you’re investing in something in its early days. You’re going to need a long-term time horizon to see how things evolve. I really don’t think there’s a lot that folks who own Ethereum should be doing at this point.” – Doug Boneparth, financial advisor.
But amongst the ever-sceptical crypto community, many people are eagerly eyeing up The Merge and are keen to see how it will perform in the next few months. Is this the key to a bright future for Ethereum, or is it all just hype? Most importantly, how will it impact the price of Ethereum in future?
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