Vitalik Buterin says on Twitter that The Merge will begin between September 13 and September 15. The final upgrade before the official switch to Ethereum 2.0 was implemented on September 6th. The timer starts to run. A few days from now, The Merge will occur.
The merge is still expected to happen around Sep 13-15. What's happening today is the Bellatrix hard fork, which *prepares* the chain for the merge. Still important though - make sure to update your clients!— vitalik.eth (@VitalikButerin) September 6, 2022
What is involved in Bellatrix?
Ethereum switches from a Proof-of-Work (PoW) consensus method to a Proof-of-Stake (PoS) consensus mechanism with The Merge. A large-scale network first. It happens in stages, including the Bellatrix upgrade, like any great self-respecting event does. Later became effective on September 6. And at that point, the Ethereum Epoch value on the proof-of-stake chain reached 144,896.
Bellatrix has enabled validators to begin creating updated Beacon blocks. The code foundation for combining the two layers will thereafter be included in these blocks. For all prospective ETH validators who have staked on the ETH 2.0 deposit contract, this is a crucial step. And this is to better their clientele. Additionally, Vitalik Buterin tweeted about it. He writes, “Make sure to inform your consumers!”
The Merge: Paris following Bellatrix
A hard fork of Ethereum’s Beacon Chain called Bellatrix gets the blockchain ready for the eventual switch to Proof-of-Stake. On the Ethereum network, 73.1% of nodes indicated that they were prepared for the merger. In December 2020, The Beacon Chain brought proof-of-stake to Ethereum. At the moment, it serves as an account register to manage the staker network. A hard fork upgrade called Paris is anticipated to integrate the Ethereum runtime layer into the Beacon chain.
The Mainnet and Beacon Chain remain the two chains that make up Ethereum today. Through a hot-swap consensus method, the merger unites these two chains. Bellatrix (Consensus Layer) and Paris are the two hard forks required to connect these two chains (Execution Layer). Paris will bring an end to Ethereum’s Proof-of-Work consensus and usher in the Proof-of-Stake era.
Transactions on the Ethereum blockchain have so far been expensive, time-consuming, and energy-intensive. However, a scalable, quick, and affordable transaction approval process is required for Web 3.0 applications. The PoW suddenly become a disadvantage for Ethereum. The price of ETH will be significantly impacted by the merger. Greater liquidity and improved ecological monitoring should be the results of the Merge.
Additionally, it implies that ETH will be more stable and have more stable values than other cryptocurrencies. Its long-term worth should also increase with the addition of additional DApps and smart contracts to the Ethereum network. It is currently hard to predict which cryptocurrency will overtake the market in the future. Ethereum nonetheless appears to be heading in this way. especially given that the combination increases its potential for expansion.
The combination might help the network run faster and more cheaply. The coin may have a good chance to see its current market value rise with Ethereum 2.0. Prices can also be influenced by the market itself and other variables.