The Merge - Ethereum - marks the end of proof-of-work, and the full transition to proof-of-stake

The Merge - Ethereum - marks the end of proof-of-work, and the full transition to proof-of-stake - RICH TV LIVE - September 14, 2022 - #ethereum #themerge #richtvlive #richtv #crypto #eth #education

The Merge
Soon, the current Ethereum Mainnet will merge with the Beacon Chain proof-of-stake system.
This will mark the end of proof-of-work for Ethereum, and the full transition to proof-of-stake.
This sets the stage for future scaling upgrades including sharding.
The Merge will reduce Ethereum's energy consumption by ~99.95%.
September 2022

The Merge is the most significant upgrade in the history of Ethereum. Extensive testing and bug bounties were undertaken to ensure a safe transition to proof-of-stake.

The Merge represents the joining of the existing execution layer of Ethereum (the Mainnet we use today) with its new proof-of-stake consensus layer, the Beacon Chain. It eliminates the need for energy-intensive mining and instead secures the network using staked ETH. A truly exciting step in realizing the Ethereum vision – more scalability, security, and sustainability.

It's important to remember that initially, the Beacon Chain shipped separately from Mainnet. Ethereum Mainnet - with all its accounts, balances, smart contracts, and blockchain state - continues to be secured by proof-of-work, even while the Beacon Chain runs in parallel using proof-of-stake. The approaching Merge is when these two systems finally come together, and proof-of-work is replaced permanently by proof-of-stake.

Let's consider an analogy. Imagine Ethereum is a spaceship that isn't quite ready for an interstellar voyage. With the Beacon Chain, the community has built a new engine and a hardened hull. After significant testing, it's almost time to hot-swap the new engine for the old mid-flight. This will merge the new, more efficient engine into the existing ship, ready to put in some serious lightyears and take on the universe.

Merging with Mainnet
Since genesis, proof-of-work has secured Mainnet. This is the Ethereum blockchain we're all used to—it contains every transaction, smart contract, and balance since it began in July 2015.

Throughout Ethereum's history, developers have been hard at work preparing for an eventual transition away from proof-of-work to proof-of-stake. On December 1, 2020, the Beacon Chain was created, which has since existed as a separate blockchain to Mainnet, running in parallel.

The Beacon Chain has not been processing Mainnet transactions. Instead, it has been reaching consensus on its own state by agreeing on active validators and their account balances. After extensive testing, the Beacon Chain's time to reach consensus on more is rapidly approaching. After The Merge, the Beacon Chain will be the consensus engine for all network data, including execution layer transactions and account balances.

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