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Ronald Maguire

05 May 2022 287 Read Crypto , Altcoins , Blockchain , Resources

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What is Ethereum 2.0 Merge

Ethereum 2.0 represents the transition from the PoW consensus mechanism to the PoS model. PoW is now only used by Bitcoin and a few legacy blockchains. PoW, a slow, labor-intensive, environmentally unfriendly consensus mechanism, is no longer sufficient for Web3. PoS, on the other hand, completes transactions faster, uses much less power, and charges much lower transaction fees.

Migration to PoS

When the proof-of-stake consensus is reached, the stakers on the network will verify the transactions. Stakers will be rewarded with a share of transaction fees. With The Merge, transaction speeds will increase, transaction fees will decrease, there will be no network congestion, security will be increased and scalability will be increased.

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