With the Ethereum merge coming, the stakes are only getting higher since the outcome of it can have huge implications for all of the crypto so let’s read more today in our latest Ethereum news.
Crypto holders await to see the end of May which is a month that brought nothing more than losses. While it is too soon to say whether the worst is over, Bitcoin remains below $30,000 right now and can drop lower which feels like the industry will come through just fine as long as the Ethereum merge goes well. The Merge refers to the long-awaited upgrade to the Ethereum blockchain that will see the switch from the Proof of Stake model and eliminate the concerns about Ethereum’s impact and improve the transaction speed.
With The Ethereum Merge coming, we will finally get to see the process that was underway for years but delayed more times than we are willing to count and we will also see the Beacon Chain merging with the main Ethereum Chain. Crypto needs a win these days and Ethereum pulling off its upgrade can provide that. It will show that the Ethereum community has a reputation for being friendly but capable of serious businesses and can also trigger a huge ETH price rally.
While the chances of Ethereum pulling off the merge look promising, there are many reasons for concern because we saw the Beacon Chain experience a block reorganization recently which forks the blockcahin into seven consecutive blocks that haven’t happened in years. While the cause seems to have been benign, it triggered a short crisis of confidence since the emergence of other chains and this happening again after the merge would be a disaster.
The developers helping to facilitate the merge proceeded patiently and methodically to ensure the new ETH blockcahin will be ready for its prime time. As the Kraken CEO Jesse Powell said, he is not concerned about the delays which marked the merge process because success is much more important than speed when it comes to something this big. Powell is correct however not necessarily with the merge drag on longer. Further delays will trigger accusations that the community is not up to the task and will mean that the gas fee woes are not going to get fixed. The failure by ETH to move beyond the PoW system will also provide more power to the environmentalists and the politicians that don’t support the industry.
The bottom line is that the stakes are high not only for Ethereum but also for the broader crypto industry.
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