One of the realities on the macro side is people are worried about rates”. In an interview on the 22nd of August with CNBC, she stated: “ While internally there’s a lot of enthusiasm within the crypto community and Ethereum community around the merge as an event that will dramatically reduce supply while potentially driving demand. Meltem Demirors, the chief strategy officer at Coinshare, feels the Merge has no significant addition to Ethereum. Bitcoin has been bearish for a while, struggling around the $20K - $25K mark. Some have even hoped the Merge would have a ‘Midas touch’ effect in the broader crypto market. The Merge is a welcome development in the crypto industry as it ends the energy consumption of a number of crypto critics and sceptics. Ethereum’s energy consumption will be reduced by 99.95% after the Merge,which is predicted to happen in the for the end of 2022
As described on its website, the Merge is the consensus (Beacon Chain) and the existing layer (Ethereum Mainnet) merging so as to end further mining operations in the Ethereum network. The Beacon Chain is not just appearing online - it has been live since 2020. Unlike Bitcoin’s proof of works (PoW) energy-intensive cryptocurrency mining process, staking involves validators staking their ETH to initiate validator software. The Beacon Chain is not changing the everyday Ethereum being used, but the proof of stake that Beacon Chain is introducing to Ethereum is a novel method of securing Ethereum. This strips the network of any future need for energy-intensive mining by introducing staked Ethereum (ETH) into the picture. The Merge encapsulates the merging of Ethereum Mainnet (the current one being used) with the Beacon Chain proof-of-stake system. For the past couple of weeks, the Merge has been one of the most talked about topics in the crypto industry, and this is because of the precedents it will set for many other projects in the industry.
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