Ethereum Merge will happen in the next few days. The Ethereum Foundation has announced that Kiln, the ETH Merge testnet, will go offline. The developers pointed to the September 13-15 range for the potential timeline. So, what are the other prospects for Merge?
Countdown begins for Ethereum merge: Will it fail?
Ethereum Merge will mark the transition of the network from a proof-of-work (PoW) consensus to a proof-of-stake (PoS) mechanism. This is expected to greatly reduce operational energy costs. Meanwhile, experts predict that Ethereum Merge has little chance of failing. As we reported on cryptokoin.com, the Bellatrix upgrade was recently performed on the Beacon chain, the last upgrade before The Merge.
In fact, crypto phenom Ran Neuner said that Merge is unlikely to fail completely. However, he noted that the transition has a 10 percent chance of encountering obstacles. “The probability of Merge starting without any hitches is 90 percent,” Neuner said. The failure or success of The Merge is widely expected to affect the price as well.
Merge effect on prices
Regardless of Merge’s failure or success, ETH could still drop, according to experts. Ethereum co-founder Vitalik Buterin talked about Merge’s impact on price. Buterin had warned that it would take a long time for Merge to make an impact. He said that pricing the Ethereum Merge could take up to six to eight months. He explained that under the right conditions, there could be a waiting period before actual price action.
After the successful execution of the Bellatrix upgrade, the Ethereum (ETH) price responded positively. In the past week, the cryptocurrency has increased by as much as 14 percent. At the time of writing, it is changing hands at $1,772, up 3.5 percent in the last 24 hours.
More about Merge
Ethereum’s Merge is going to grab all the attention this week. The network has already passed the final milestone before Merge, called the Bellatrix upgrade. Merge itself will likely take place on September 15. Node validators will be making final preparations to update their clients in anticipation of network migration. Merge will bring notable changes to Ethereum, including a reduction in both the energy use of the network and the issuance of new tokens.
Validators will replace miners. Therefore, Ethereum will no longer be secured by mining hardware, but by the economic value of ETH staked by participants. However, Merge will not make Ethereum more scalable. Therefore, it will not provide a reduction in transaction fees.
Some crypto exchanges have said they will recognize the possible hard fork, ETHPoW, which will be launched under the leadership of miners. If the chain split occurs, it is likely to be traded on this ETHPoW token. Key personalities, including Vitalik Buterin, said the fork was unlikely to be successful.
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