Watch this video on Ethereum Merge.
Ethereum Merge, the year’s biggest event in the world of crypto, is here. It starts today i.e., 6th September 2022 with more upgrades coming around 13th September 2022.
We’re glad to inform you that CoinSwitch will support the Ethereum Merge, and we are closely monitoring all emerging developments. For the moment, there will be no impact on your investments, trades or holdings of Ethereum (ETH), and you may continue to buy and sell on CoinSwitch as usual.
As per the latest information shared by the Ethereum network, Merge is not a hard fork that will see a split in the blockchain. Therefore, there will be no creation of a new token as the result of the Merge.
However, as this is an ongoing process, in the future, if there is an event of a hard fork that splits the blockchain and a new token is introduced, the forked token will undergo the same rigorous review process as any other coin listed on CoinSwitch. We will share more details if and when that happens.
Thank you for your support as we build a more transparent and sustainable crypto trading platform. If you have any queries, please contact our support team.
Here are a few FAQs to better understand the Ethereum Merge:
1. What is Ethereum Merge?
Click "🚂-🚃-🚃-🚃-🚃-🚃-🚃-🚃-🚃" to understand Merge via an engaging train analogy penned by our CEO, Ashish Singhal.
2. Will the Ethereum blockchain be able to process 1,00,000 transactions per second soon after the Merge?
No, Ethereum will not be able to process 1,00,000 transactions per second soon after the Merge. The journey to 1,00,000 transactions per second will get started after 6 September 2022, in a phased manner, through the implementation of shard chains.
3. Will the gas fees on Ethereum Network reduce?
No, the gas fees or transaction fees on Ethereum will not reduce after the Merge. The fee is expected to start reducing only once the shard chains are implemented, i.e., around 2023.
4. Will the users be able to withdraw their staked ETH after the Merge?
5. What is Beacon Chain?
Beacon Chain is the name of the blockchain that is being used to introduce Proof-of-Stake (PoS) to Ethereum.
6. Will the Merge create a new token ETH 2.0?
No, the Merge is not a hard fork that will see a split in the blockchain and the creation of a new token. It is simply a step to replace the energy-hungry PoW mechanism with the more energy-efficient PoS one. In the Ethereum roadmap, the term ETH 2.0 is used to refer to the Beacon Chain.
7. What is a hard fork?
A radical change to a blockchain network is referred to as a hard fork. As per the updates from the Ethereum network, the Merge does not incorporate any hard fork.
Through Merge, the Ethereum blockchain network will be creating a new PoS blockchain, and map the existing PoW blockchain to the new PoS blockchain. Once this is done, the PoW blockchain ceases to exist and the Ethereum network will operate on the new PoS blockchain.
However, going forward, if the Ethereum network chooses to have both the PoW and PoS blockchain instead of only PoS blockchain, this creates a hard fork. Then, each blockchain will require its own token to validate the transactions.
If the Ethereum network, in the future, takes such a step, then ETH token will be the token for the PoS blockchain and a new token will be introduced for the PoW blockchain. However, The Ethereum network currently has not shared any relevant information that indicates such a hard fork event.
8. Is the transition to ETH 2.0 coming in one fell swoop?
The Merge is not the last upgrade toward making Ethereum more scalable and energy efficient. Ethereum will undergo further upgrades in the future—namely surge, verge, purge, and splurge.
The surge refers to the implementation of shard chains; the verge will implement “Verkle trees” and stateless clients, and the purge will help eliminate some old network history to free up space on the hard drive. Finally, the splurge, comprising various small upgrades, will fine-tune the network to ensure seamless operations.