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Ethereum Write For Us – The Merge or fusion is an update of Ethereum that marks the end of the era of consensus by proof of work (proof-of-work) in the network and means the complete transition to confirmation of participation (proof of stake). This transition involves merging the network execution layer (i.e. the leading network we use today, which powered by the proof-of-work protocol) and the consensus layer, known as the Beacon Chain ( that works with proof of stake).

With this change, traditional mining is abandoned; that is, powerful computers that solve mathematical puzzles must no longer be used to feed the network and create new coins, and it is changed to a system in which those who have Ether (ETH) the underlying currency, they will be able to stake (hence the name “proof of stake”) to feed the network. This is a more than promising step to realize the vision of Ethereum: more scalability, security and sustainability.

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When will the Ethereum merger happen?

The Merge will happen when the Total Terminal Difficulty (TTD) is reached, which was set at 5875000000000000000000000. This is expected to occur around September 15 (it could happen between the 14th and 15th). You can follow the Merge countdown here.

Why is the Ethereum merger happening?

According to the Ethereum Foundation, the network has aimed to implement a proof-of-stake consensus mechanism since its inception. However, doing so without compromising Ethereum’s vision of being a secure, scalable, and decentralized blockchain has taken them years of research and development. Therefore, the network started using the proof-of-work consensus and preparing a series of updates. They have been engaged in research and development since 2014.

The Ethereum merger is one step in a series of phased upgrades to make the blockchain more scalable and sustainable. The merger will enable sharding, and the Shard Chains upgrade is expected to give Ethereum breathing room by reducing congestion and improving transaction speeds. They also hope to improve security, as the transition to proof-of-stake means the Ethereum protocol has a better chance of deterring an attack than 51%. And finally, Ethereum estimates that the energy savings from switching to proof-of-stake will be around 99%.

Why is the Ethereum merger necessary?

The merger represents the end of proof-of-work consensus for Ethereum and thus begins the list of upgrades the Ethereum Foundation hopes to apply to create a more sustainable and green Ethereum. This will also set the stage for future scalability upgrades that are impossible using Proof of Work as a consensus mechanism.

Power reduction: The merger will see Ethereum altogether ditch its power-intensive proof-of-work system and replace it with proof-of-stake. Energy expenditure will be reduced by around 99.65%, according to the Ethereum Foundation.
Scalability –While the Merge will not immediately solve the challenges with scalability, it will help prepare the network for Ethereum’s version of subsidiary shard chains, which will operate based on a fully functional proof-of-stake mechanism. Distributing the network data volume across 64 chains will further reduce network congestion and increase transactions per second.
Ether issuance: ETH issuance refers to creating new currency units. The way ETH is issued will change with the Merge. New ETH is currently issued from two sources: the execution layer (i.e. the Mainnet) and the consensus layer (i.e. the Beacon Chain). After the Merge, the output of the execution layer will go down to zero.

After the merger is over, the total issuance of new units of new ETH will decrease by around 90%, according to the Ethereum Foundation, causing Ether to become deflationary. That means it will become scarcer over time.

Will the merger affect Bitso users?

People with Bitso accounts with ETH or ERC20 tokens do not have to do anything before or during the Merge. The funds you have in your Bitso wallets before the Merge is also available after the Merge, as action is required from our community for this update.

Just as a precautionary measure, deposits and withdrawals of ETH and ERC20 tokens will be paused for a certain period during the merger until we can verify that everything is working correctly, which is standard practice in the industry. We will inform our community when deposits and withdrawals are enabled again via our status page.

What would happen to my current ETH balance?

Crypto assets on Bitso will remain safe and secure. Nothing will happen with the funds in ETH. Those who have a balance in ETH in their Bitso wallets before the merger can access it afterwards. No action is required from our community for this update.

How will changes be reported during and after the merger?

We will provide updates through different channels, including our social networks and our status page.

After the Merge, will the name of ETH change?

The merger will not change existing assets. In fact, the union will not bring with it a new purchase. Your existing ETH will work as it always has and will not be affected.

The term “Eth2” is being taken out of circulation in preparation for the Merge.

After merging “Eth1” and “Eth2” into a single chain, there will no longer be two distinct Ethereum networks: there will only be one Ethereum.

To limit confusion, the Ethereum community has updated these terms:

“Eth1” is now the ‘execution layer’, which handles transactions and execution.
“Eth2” is now the “consensus layer”, which deals with proof-of-stake consensus.

These terminology updates only change the names and do not alter the goals or roadmap of Ethereum.

Will Bitso pause deposits and withdrawals before and during the merger?

As a standard industry precautionary practice, deposits and withdrawals of Ether (ETH) and ERC20 tokens will be paused for a short time. anticipate that transactions will be broken approximately 2 hours before merge activation and will resume within 2-4 hours of the update, depending on the state of the blockchain. We will be closely monitoring the event.

We will provide updates through different channels, including our social networks and our status page.

How is Bitso preparing for the merger?

We started planning a few months ago and are currently working on three streams: technical, commercial, and user. Our teams have prepared extensively for the merger, researching, testing, and preparing for multiple scenarios before, during, and after.

The Bitso teams have been working to prepare our infrastructure to support the switch to the Proof-of-Stake (PoS) mechanism. We are researching and monitoring changes and updates daily. We also measure how ready our infrastructure is for Merge with the Ropsten testnet. The transition from the Ropsten network to PoS went smoothly for Bitso, and we did not encounter any complications.

Our team is prepared to take the necessary steps to mitigate any potential impact, such as disabling deposits and withdrawals shortly before, during, and after the merger to avoid windows of potential disruption.

After the merger, everything will continue as usual after the coalition after the union, and you can continue earning returns on your ETH balance through Bitso+.

How is Bitso monitoring the possible scenarios of the merger?

Bitso is closely monitoring all potential merger outcomes, including but not limited to a Merge glitch and an unofficial Ethereum hard fork. We evaluate these changes and updates daily.

What is a fork? What will happen to throw?

Every time a community changes the blockchain protocol or basic rules, a fork occurs. When this happens, the blockchain splits, producing a second blockchain that shares its history with the original but heads in a new direction.

If a fork occurs, that will create two different versions of Ethereum that will work in parallel: one with a proof-of-work (PoW) consensus and one with proof-of-stake (PoS). At the macro level, the fork with PoW will an exact duplicate of the main Ethereum blockchain, where the state of the original blockchain is preserved, i.e., transaction history and token balances. But that doesn’t mean that a forked Ethereum means all money will suddenly double: tokens are only worth what the market dictates.

Only if a chain split occurs and prevails would the user community have a chance of having duplicate tokens, as they will be entitled to the value of their ETH balance on the PoW forked blockchain. We will monitor potential blockchain splits and assess market conditions to communicate to our user community if action is required in the event of a chain split.

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