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Market Cap
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Cryptocurrencies
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NewsBTC 2022-08-09 14:00:27

Bullish Expectations From The Ethereum Merge Rise Post Chainlink’s Announcement

Bullish Expectations From The Ethereum Merge Rise Post Chainlink’s Announcement

The upcoming Ethereum blockchain upgrade has received different reactions and comments within the crypto industry. The launch of the upgrade, also known as the Merge, is to be within August 2022. Many experts in the system have confidence that Merge could be a bullish event that would positively impact the blockchain. But there are still some concerns about the possible post-merge hard forks on the network. When it comes to the cryptocurrency space, every network has a consensus mechanism for its operations. This is what helps in the validation of transactions and to maintain the security of the ecosystem. Also, it ensures the positive sustainability of the network by creating new blocks and tokens. The most popularly used mechanisms are the Proof-of-Work (PoW) and Proof-of-Stake (PoS). Related Reading: Decentraland Blooms In Green In Last 4 Days; Boosts Traders’ Appetite In MANA The Ethereum blockchain has been using the PoW mechanism, which requires a mining process for its transaction validation. The process consumes a lot of electricity or energy as it requires using computing machines. Also, most miners use fossil fuels to generate power, creating environmental pollution through carbon emissions. But the Merge is a formidable change for Ethereum as the network would finally shift from PoW to PoS consensus mechanism. Moreover, the transition would solve the issues of energy usage inefficiency and reduce carbon threats in t...

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