THE MERGE transition looms: ProBit Global offers a 50% discount on the purchase of the native Ether token (ETH) to its users of the August 30 to September 05. A week for enjoy ETH at half price and diversify its portfolio of digital assets.
While the cryptocurrency market has been uncertain for several months now, giving its followers cold sweats and jumps for joy, Ethereum’s long-awaited transition “The Merge” is looming on the horizon. After having already been postponed multiple times, the Ethereum Merge is now scheduled to start on September 06 and should end around September 20, 2022.
Ethereum’s existing mainnet — based on a Proof-of-Work mechanism — will be merged with the new Proof-of-Stake consensus layer, the Beacon Chainthanks to a first phase called “Bellatrix”, then a second called “Paris”.
Described as the most complicated update on Ethereum to date, the network will see some significant changes after the merger. These changes will affect the entire ETH network, and among other things, Ethereum overlays (Polygon or Arbitrum for example), gas fee alternatives, rewards for blockchain participants, blockchain security and transaction validation. In sum, the transition will have a huge impact on the entire Ethereum ecosystem, including the value of its native ETH tokens.
Towards a consensus and an “eco-friendly” blockchain
Ethereum’s transition is also significant for its ecological program. The system currently used by the blockchain to validate and protect the network is that of Proof-of-Work. This consensus consists of solving complex cryptographic mathematical equations using the computing power of the machines involved.
However, the mining efforts and energy costs to build the blockchain story are not negligible. While blocks deemed failing are not added to the chain, those validated by miners are. In order to validate blocks, miners use the capacity and power of their computers. If the latter decide to increase their power, then the consumption of the network during the construction of the chain also increases, increasing its environmental impact.
As a result, the transition from this PoW consensus to a Proof-of-Stake system represents one of the major challenges of Ethereum’s transition. The Proof-of-Stake system uses validators to secure the Ethereum network and approve transactions on the blockchain, instead of miners, needed for PoW consensus. This change will also result in a 99.95% reduction in total energy consumption used so far for blockchain consensus. This also means that the network will become approximately 2,000 times more energy efficient with this new system.
Considering the intensity of the debate on the contribution of cryptocurrencies to environmental issues, Ethereum’s move to PoS would be a victory on many fronts, including power consumption, security, and network protection. For example, the network would be independent of other projects that use large amounts of electricity and non-renewable energy sources like coal to power complex algorithms.
The business world and its heightened interest in Ethereum
The Ethereum blockchain has always been the preferred choice for enterprise use cases. Its members include Google, Amazon, Intel, Samsung, Facebook and even BNP Paribas. Businesses are exploring and further integrating blockchain technology to power, add value, or even diversify their operations. For example, the Ethereum network is used in various sectors, such as retail, consumer goods, banking and financial services, etc.
The Merge is also expected to shape a new image for Ethereum, and this transition would allow the network to no longer be seen as an energetic bottleneck, but as a network offering many possibilities and responding in part to current challenges. Its renewed infrastructure could therefore strengthen the interest of companies in it.
Removing the energy constraint could strengthen the business community’s buy-in to the network and Ethereum could then become the new darling of many institutions for various use cases.
Ethereum and its increasing Defi and dApps dominance
While new blockchains are rapidly gaining notoriety and popularity, none have yet dethroned Ethereum, which remains the largest public blockchain when it comes to the operation of smart-contracts for the development of DeFI. It is particularly well known, and recognized, for powering most existing decentralized applications (dApps).
Indeed, most blockchain-based financial products and services offered by DeFi applications run on Ethereum and rely on ETH as the base currency of the network. Since the merger will affect the use of cryptocurrencies for payments, the use of ETH in the DeFi space – which at the time of writing has over $62 billion in digital assets tied up – should also increase.
ProBit Global launches its flash sale of ETH, a week before The Merge.
L’Exclusive to ProBit Global in honor of Ethereum offers users a new opportunity to purchase some of the network’s native asset, Ether (ETH), at half its market price. The discount sale, which follows theMay Exclusive ETH Eventonce again allows more traders to acquire a portion of the second-largest cryptocurrency by market capitalization.
This flash sale takes effect as the Ethereum network prepares to pass a milestone in its history with its transition “The Merge”, which will impact the entire network, including the value of the digital asset. A chance therefore for crypto-followers to diversify or bail out their portfolio of assets.
As the first-ever blockchain to transition from a Proof-of-Work process to a more sophisticated and cost-effective Proof-of Stake system, The Merge is setting the stage for the future of cryptocurrency trading. The long-term benefits of lower power consumption to establish the foundation of blockchain, allowing it to become faster and cheaper in the future. All eyes will definitely be on ETH over the next few weeks!
ProBit Global ranks in the TOP 30 of the world’s best exchanges, offering crypto enthusiasts unlimited access to buy and sell Bitcoin, Ethereum, as well as more than 800 other altcoins in more than 1000 markets.
The exchange registers more than 1,000,000 monthly active users and 50,000,000 users on aggregators and partner wallets such as CoinMarketCap.
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Probit offers 50% off ETH as The Merge is set to change blockchain history soon – BeinCrypto
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