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5 MYTHS ABOUT THE ETHEREUM MERGE

5 MYTHS ABOUT THE ETHEREUM THAT CAN AFFECT YOUR TRADING AND INVESTMENT VIEW.

The Ethereum Network is a Decentralised Blockchain Platform that securely verifies and executes smart contracts and allows peer to peer transactions without the interference of any Central Authorities.
The Protol overtime has been operating on an algorithm known as Proof of Work and has transitioned to Proof of Stake in an event regarded as THE MERGE.
So what then is proof of work?
Proof of Work is an algorithm that allows miners to mine blocks and solve hard Cryptographic Puzzles While Proof of Stake is an algorithm that makes the mining process Virtual and allows Validators to lock up a Stake and bet on Blocks in the protocol.
These algorithms have driven a lot of Traffic in the Crypto Space and the internet with lot of Mythical Representations of what the Merge would bring for Investors and Validators using the Ethereum Protocol. Some of these spreading Stories could also lead to Fraudulent activities.

This Article is to help you debunk these misinformations and misunderstanding flooding the timelines today. Some of these Myths are;

THE MERGE WILL HIKE THE PRICE OF ETH.
While previous records had proven that certain trends and events in the crypto space affect the price of Cryptocurrencies, It is also advisable to note that the price of Eth will not authomatically go up or down following the success of the event nor would the price remain static. Traders and investors are advised to expect a wave of action on the price and trade or invest with caution as always

THERE WOULD BE A DOWNTIME.
This might be seemingly true as withdrawal from the Ethereum protocol would be suspended by several exchanges and platforms but these changes during the upgrade may go on without anyone noticing. Only deposits and withdrawals would be suspended for a period of time and this doesn’t denote a downtime as acclaimed.

A DEFLATIONARY EFFECT WILL OCCUR AFTER.
This is one of the biggest Myths floating around,as several investors and traders are predicting a massive pump or dump following the event success.Though other factors are hindering the bullish trends in the Crypto market, the Merge is not a deflationary driving occurance and shouldn’t be pegged as such.

ETH WILL BE UPDATED ETH2
Will Eth token be updated to Eth2 after the merge?:Well, The answer is No. No one is also expected to update their Eth. Any link or platform requesting for updates should be debunked and exited. The Eth chain would be split into two but that wouldn’t require any manual update from your end as users and all holdings should not be interfered with regarding any updates.

ETHEREUM TRANSACTIONS WOULD BECOME FASTER AND CHEAPER.

The transition from proof of work to proof of stake would reduce gas fee and speed up transactions is a mere Myth.
Gas fees are a demand from the Network to process transactions and as such the Merge would not automatically scale up transactions and eliminate or reduce fees.

With all these points noted down,one might wonder What then is the need and benefits of the Ethereum Merge occuring? Here is why, The Merge is designed to resolve and address some key issues and reduce the size of blocks on the Blockchain thereby decreasing vthe amount of data needed by nodes to process transactions and also remove energy intensive process during Mining.
Happy Merge day to all Ethereum Users please do Further research to avoid Scams.

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