Increasing merge is Ethereum 's long-awaited migration from the current proof-of-work consensus mechanism to a proof-of-stake system. The merger actually occurs in a two-step process, which is named boosting Bellatrix and Paris.
Citing Coinbase , merge is officially started by Bellatrix, taking place on September 6, 2022 at 11:34:47 UTC. Bellatrix is a network upgrade at the consensus layer.
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| Setelah selesai, Beacon Chain yang sudah berjalan akan mengambil alih proses validasi transaksi baru melalui proof of stake dan model proof of work warisan Ethereum akan ditangguhkan secara permanen. |
Bellatrix will be followed up by Paris, who will be the execution layer that will transition Ethereum from proof of work to proof of stake. Paris will be triggered by a certain total difficulty threshold, called the terminal total difficulty (TTD), which makes the Paris TBD exact date because it relies heavily on the proof of work hash rate.
TTD is the required total difficulty threshold of the last block mined on Ethereum. In other words, TTD represents a fixed amount of hash remaining to be mined until the proof of stake is officially taken over.
What happens after the merge?
Upon completion, the existing Beacon Chain will take over the process of validating new transactions via proof of stake and Ethereum's legacy proof of work model will be permanently suspended.
To date, validators have staked over 13 million ETH on Beacon Chain. As the mainnet (the main network of the Ethereum blockchain) is merged with the Beacon Chain, Ethereum's full transaction history, including every transaction, smart contract, and balance since July 2015, will also be merged.
Why are Mergers Important?
The merger was six years in the making and is considered by many to be a milestone in cryptocurrency history due to its material potential and philosophical implications. This milestone could also boost market confidence and inject much-needed optimism, after months of market volatility due to, among other things, inflation and rising interest rates.
As one commenter put it, the Ethereum merge will prove a decentralized and permissionless network can operate in an energy efficient manner. Also, merging like this is a very rare event in crypto, and probably never will happen again.
How will merge affect ETH?
The short answer is not much. Mergers are expected to be and should be seamless from a user point of view.
“Coinbase will be temporarily halting some deposits and withdrawals as a precaution, specifically the new Ethereum (ETH), ERC-20, Polygon (MATIC), Optimism (OP), PWETH, PUSDC and PMATIC tokens, but we don't expect any other network or currencies that will be affected,” quoted from Coinbase, Thursday (15/9/2022).
However, for those who stake their ETH, the balance will not be opened nor will it be available for trading or transfer immediately after the merge.
The staked ETH is expected to be unlocked and accessible once the Ethereum protocol completes its upgrade. Further, the current forecast for completion of this upgrade is early 2023.
Crypto Prices Thursday Morning 15 September 2022
Previously, the price of bitcoin and other top cryptocurrencies was observed to experience uniform movements on trading Thursday, September 15, 2022. The majority of cryptocurrencies returned to strength after having weakened the previous day stung by US inflation data sentiment.
Based on data from Coinmarketcap, Thursday (15/9/2022) morning, the crypto with the largest market capitalization, Bitcoin (BTC) edged up 0.50 percent in the last 24 hours and 5.01 percent a week.
Currently, the bitcoin price is at the level of USD 20,312 per coin or equivalent to IDR 302.8 million (assuming an exchange rate of IDR 14,910 per US dollar).
Ethereum (ETH) is also gaining ground this morning. Over the past 24 hours, ETH recovered 2.95 percent and 0.08 percent in the week. That way, ETH is currently at USD 1,640 per coin.
The next cryptocurrency, Binance coin (BNB) is strengthening again. In the last 24 hours BNB edged up 0.80 percent and 0.83 percent for the week. That makes BNB priced at USD 280.16 per coin.
Then Cardano also skyrocketed. In the last one day ADA skyrocketed 3.01 percent and 1.16 percent a week. Thus, ADA is at USD 0.4832 per coin.
Other Crypto Prices
Meanwhile, Solana (SOL) managed to return to the green zone. During the last one day SOL shot up 2.14 percent and 4.86 percent a week. Currently, the price of SOL is at the level of USD 34.27 per coin.
Likewise XRP also jumped this morning. XRP is up 2.81 percent in the last 24 hours and 2.01 percent on the week. That way, XRP is now priced at USD 0.3422 per coin.
Stablecoin Tether (USDT) and USD coin (USDC), both strengthened 0.01 percent today. This makes the price of both still survive at the level of USD 1.00
Meanwhile, Binance USD (BUSD) weakened 0.04 percent in the last 24 hours, sending the price down slightly to USD 0.9997.
As for the overall crypto market capitalization in 24 hours, it is back at the level of USD 1 trillion, from previously in the range of USD 991.3 billion.
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