[MEGATHREAD] The Ethereum Merge
Ethereum Merge MEGATHREAD /r/CryptoCurrency
~ Thu Sep 15 03:06 2022 UTC
TLDR
Ethereum Mainnet will merge with the Beacon Chain proof-of-stake system, ending of proof-of-work (mining) for Ethereum. Finematics TLDR video
The Merge!
The Merge represents the joining of the existing execution layer of Ethereum (the Mainnet we use today) with its new proof-of-stake consensus layer, the Beacon Chain. (Formerly called Eth2)
It eliminates the need for energy-intensive mining and instead secures the network using staked ETH. A truly exciting step in realizing the Ethereum vision – more scalability, security, and sustainability. This will reduce Ethereum's energy consumption by ~99.95%.
The Merge is scheduled to happen on block 58,750,000,000,000,000,000,000 (that's a lot of zeros), so the actual date/time is a little bit of a moving target, but there are a few websites to help predict when that will be:
This is the first time a blockchain has swapped its concensus mechanism for another, live, uninterrupted.
Do I have to do anything?
If you own any Ethereum, ERC-20s (tokens), or ERC-721s (NFTs):
- Nope, enjoy 🙂
If you are a validator:
- Make sure your Beacon Chain Client is updated (lighthouse/lodestar/nimbus/prysm/teku)
- Make sure you have a suggested-fee-recipient is configured
- Make sure your jwt secret is set properly from your execution engine client (geth/nethermind/etc…) in your beacon chain client config
- If you want to sanity check your setup, Somer Esat has great guides: https://someresat.medium.com/
If you a running a node:
If you are a miner:
- After the merge, blocks won't be produced by mining anymore, thus no block rewards.
- You will need to run a consensus client (see "running a node") if you want to keep running a node.
More Resources
Threads:
submitted by /u/AtHeartEngineer
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