Ethereum 2.0 Is Live. What’s Next?
By Sidney C. | 9-29-2022
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Last month, we wrote a post about the upcoming network transition by Ethereum from proof-of-work to proof-of-stake. And today, we’re happy to report that Ethereum’s “The Merge” update was a success. As a result, Ethereum transitioned to a proof-of-stake consensus mechanism and reduced its power consumption by over 99.9%.
Do I need to perform some action to keep or convert my ETH?
The Merge is an entirely automated process, and no action is required from your end. So watch out for any scams that claim otherwise, and always double-check any information with reputable sources.
Do I need to stake ETH to run my own node?
No, you don’t need to own or stake ETH to run a node. Running a node is available to everyone, not just miners or validators.
Did The Merge improve transaction speed?
No, this upgrade didn’t aim to improve transaction speed, so it remains the same.
What happened to gas fees?
Ethereum gas fees were not affected by The Merge. The only way to reduce them would be to increase network capacity.
When will I be able to withdraw my staked ETH?
The ability to withdraw staked ETH is yet to be announced with one of Ethereum’s future upgrades.
Now that The Merge is complete, you’re probably wondering what’s next in the works for Ethereum, the blockchain that powers dapps, NFTs, and Web3.
If you’re not already aware, here are the five stages Ethereum will go through as it matures into its final version:
◉ The Merge: Move to proof-of-stake, followed by the ability to withdraw staked ETH
◉ The Surge: Introduction of sharding, which refers to splitting the entire network into multiple portions, aimed at scaling and improving transaction speed
◉ The Verge: Implementation of Verkle trees and stateless clients to improve decentralization
◉ The Purge: Clearing up historical data to reduce disk space requirements
◉ The Splurge: “The other fun stuff,” to quote Vitalik Buterin
Upcoming Ethereum Upgrades
Shanghai Upgrade
The Merge FAQ
As outlined in the first stage, proof-of-stake will need to be followed up by adding the ability to withdraw staked ETH. So that’s exactly what Shanghai was originally all about.
The feature was officially announced on Ethereum’s website. Since then, however, several Ethereum developers stated that withdrawing staked ETH is not guaranteed with this upgrade. They also reported that Shanghai’s upcoming features have yet to be determined.
With around $20 billion being staked in ETH, many crypto investors are concerned about how quickly this feature will be implemented.
So how soon is the Shanghai upgrade coming? While some sources say we can expect it in 6 to 12 months, Ethereum’s developers have yet to provide an official date.
The Ethereum switch is up and running but there are still plenty of uncertainties. While crypto investors are concerned about withdrawing staked ETH, Ethereum’s developers have yet to provide an official date.
In conclusion
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