Technology

Understanding The ‘Ethereum Merge’

After many delays, the long-hyped ‘Ethereum Merge’ is about to happen. The first stage of the process – Bellatrix – happens today, 6 September. The second stage – Paris – completes at some point next week. At that point, the way Ethereum – the world’s second largest cryptocurrency behind Bitcoin – fundamentally works will change, which is sure to have an impact on its value and send ripples across the wider cryptocurrency market. But what is the Ethereum merge and why does it matter? Here’s a look at what it all means and why it’s important. As far as the world of crypto is concerned, the upcoming change is a big one. Essentially, it’s all about how transactions are recorded onto Ethereum’s blockchain – an immutable record of all Ethereum transactions. Since 2016, there have been two versions of Ethereum running in parallel. One has used the traditional method of recording transactions, while the other relied on a new method. This month, the two versions will be merged into one, adopting the new record-keeping paradigm. See below for the timeline of upcoming events. To understand the difference between the two versions you need to understand two big cryptocurrency concepts: blockchains and consensus mechanisms.

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