š„With Ethereum’s “Merge” 22 Days Away, CZ Says “Trade $ETH for Free on Binance”š„
On Tuesday (August 23), with Ethereumās āMergeā upgrade, which marks the Ethereum networkās transition from proof-of-work (PoW) to proof-of-stake (PoS) just over 22 days away, the Binance Co-Founder and CEO delivered good news to $ETH traders.
Here is how Ethereum Foundation explains the Merge, which is expected to take place around September 15:
āThe Merge represents the joining of the existing execution layer of Ethereum (the Mainnet we use today) with its new proof-of-stake consensus layer, the Beacon Chain. It eliminates the need for energy-intensive mining and instead secures the network using staked ETH. A truly exciting step in realizing the Ethereum vision ā more scalability, security, and sustainability.
āItās important to remember that initially, the Beacon Chain shipped separately from Mainnet. Ethereum Mainnet ā with all itās accounts, balances, smart contracts, and blockchain state ā continues to be secured by proof-of-work, even while the Beacon Chain runs in parallel using proof-of-stake. The approaching Merge is when these two systems finally come together, and proof-of-work is replaced permanently by proof-of-stake.
āLetās consider an analogy. Imagine Ethereum is a spaceship that isnāt quite ready for an interstellar voyage. With the Beacon Chain, the community has built a new engine and a hardened hull. After significant testing, itās almost time to hot-swap the new engine for the old mid-flight. This will merge the new, more efficient engine into the existing ship, ready to put in some serious lightyears and take on the universe.ā
https://www.cryptoglobe.com/latest/2022/08/with-ethereums-merge-22-days-away-cz-says-trade-eth-for-free-on-binance/