The Merge Explained
The Merge Explained

The Merge Explained

Recently, you may have heard some chatter about something called the Merge. As the future of web3 and crypto unfolds, the Merge will be remembered as a pivotal and historical event that changed the crypto community forever.

What is “the Merge”?

image

The Merge joined the original layer of Ethereum (Mainnet) with its new proof-of-stake layer, the Beacon Chain. It eliminated the need for energy-intensive mining and instead enabled the the network to be secured using staked ETH. To quote ethereum.org: “It was a truly exciting step in realizing the Ethereum vision—more scalability, security, and sustainability.”

Initially, the Beacon Chain was shipped separately from Mainnet. Ethereum Mainnet - with all its accounts, balances, smart contracts, and blockchain state - continued to be secured by proof-of-work, even while the Beacon Chain ran in parallel using proof-of-stake. More on that below!

The Merge was when these two systems finally came together, and proof-of-work was permanently replaced by proof-of-stake 🤝

👉
Think of Ethereum as a spaceship that launched just before it was quite ready for an interstellar voyage. With the Beacon Chain, the community built a new engine and a hardened hull. After significant testing, it became time to hot-swap the new engine for the old one mid-flight. This merged the new, more efficient engine into the existing ship enabling it to put in some serious lightyears and take on the universe.

Courtesy of Ethereum.org
Courtesy of Ethereum.org

Does the Merge make Ethereum more efficient?

image

One of the biggest improvements the Merge created was the beginning of a more sustainable, eco-friendly Ethereum. Ethereum's energy consumption dropped by an estimated 99.95%, making Ethereum a green blockchain.

What does the Merge mean for you?

image

The good news is: you do not need to do anything with your funds or wallet with regards to the Merge.

👉
ETH remains the ETH you know. There is no such thing as "old ETH"/"new ETH" or "ETH1"/"ETH2". Your wallet will continue to work exactly the same as they did before. If you come across anyone suggesting otherwise, that is likely a scam. Be cautious of those bad actors!

The Merge NFTs:

image

To commemorate the Merge, a variety of designers and developers created commemorative NFTs—we’ve selected a few of our favorites to showcase below 👇

These collectibles honor all of the hard work that went into the merge and celebrate the future potential of a more efficient and environmentally-friendly Ethereum network.

👉
Should definitely be noted that the resale value and speculation weren’t the focus! All of the NFTs featured were free-to-mint in the lead up to the Merge. Anyone could claim these for just the cost of gas 💟

The Merge: Regenesis

image
image

ConsenSys, one of the first ever companies founded to provide Ethereum applications, created several editions of artwork celebrating different aspects of the Merge: sustainability, scalability, and security.

The artwork has a retro-futurist feel, invoking the same look and feel as the imagery created in the 1970s by Rick Guidice for NASA.

Merge VV

image
https://twitter.com/jackbutcher/status/1570221895982645249?s=20

VV stands for Visualize Value, a project by Jack Butcher that brings complex concepts from the technology industry to life in a signature white-on-black minimalist style.

Proof of Merge

image
https://twitter.com/blauyourmind/status/1569398031585271808?s=20

A fully on-chain and soulbound NFT that transformed over the process of The Merge. Created by Michael Blau (x0r) and Mason Hall a partner at a16z Crypto. These NFTs will last as long as Ethereum lasts, and because they are soulbound, holders cannot transfer or sell them.

Additional Readings:

image