Make yourself a cup of coffee and continue to find out more information on the network of the future! Metaverse News has brought you here with a five-part series about the effects of The Merge.
Instead of Mining, Staking!
Proof of Work (PoW), the Ethereum Blockchain’s current consensus method, will be replaced by Proof of Stake once the update is complete (PoS). To put it another way, in the future, the ETH network will not be supported by miners but rather by investors who have wealth invested in Ethereum.
Therefore, validators will be responsible for confirming transactions, processing them into blocks, and adding them to the Ethereum blockchain rather than miners.
This might be the end of a business worth several billions of dollars in the United States, which would be to the detriment of many people who mine Ether. As a consequence of this, a number of investors are concerned that miners will attempt to influence the Ether Blockchain in order to stop the merging from occurring.
On the other hand, for instance, the biggest Ethereum mining pool has already indicated that it would transition to Proof of Stake. Therefore, it is quite improbable that miners will have a significant impact on the merging on any scale.