- Ethereum’s speed, scalability, and energy efficiency are all projected to improve.
- The Ethereum network will be upgraded to ETH 2.0 in September.
According to Binance, the world’s largest cryptocurrency exchange by trading volume, the impending September Merge of Ethereum will be supported by the company. Ethereum’s long-awaited transition to a proof-of-stake consensus mechanism will be completed by “the merge,” which is slated to take place on or around September 19.
The Ethereum Merge is approaching.
🔸Binance will support “The Merge”.
🔸In case of newly forked tokens, we will evaluate and consider support for distribution and withdrawal.
View details ⤵️https://t.co/iuQSsXZ7fk
— Binance (@binance) August 10, 2022
In any case, the business did say that it could be open to supporting the new forked tokens as well. This points to a group that wants to maintain proof of work while developing a separate network and token. “In case of new forked tokens, Binance will evaluate the support for distribution and withdrawal of the forked tokens,” its Wednesday statement read.
Highly Anticipated Merge
“In order to protect Binance users, all forked tokens will go through the same strict listing review process as Binance does for any other coin/token,” the company added. The Ethereum network will be upgraded to ETH 2.0 in September. Because it won’t be a proof-of-work blockchain, there will be no need for miners.
Validators, not miners, are responsible for securing the network by securing its encryption. Ethereum’s speed, scalability, and energy efficiency are all projected to improve significantly as a result of the upgrade. Proponents of the change also claim that the update would assist to keep ETH’s inflation in line.
Ethereum’s miners, who depend on the network’s mining rewards as a source of revenue, will be adversely affected by the termination of proof of work. Chandler Guo, a Chinese crypto miner, declared earlier this month that he would fight the update and maintain a proof-of-work version of Ethereum alive in order to support miners who would be left stranded after the upgrade.
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