What Happens to the Old Ethereum After September?
Ethereum ( ETH-USD ) miners want to hold onto the old ways… and say we should do the same. Can we still use the old proof-of-work network, though, after September’s “Merge”? Let’s take a look at this and other top stories in The New Digital World. Source: Shutterstock What Happens to the Old Ethereum Blockchain After September? When Ethereum ( ETH-USD ) merges with the Beacon Chain on (or after) September 19: “This will mark the end of proof-of-work for Ethereum, and the full transition to proof-of-stake [and] sets the stage for future scaling upgrades.” That’s the official word from the Ethereum Foundation . “Any funds held in your wallet before The Merge will still be accessible,” we further hear. “No action is required to upgrade on your part.” There’s a flowchart to help us grasp what is happening: Source: The Ethereum Foundation Right now, we’re at the fork in the road, on the left. Beacon Chain is almost done, but we’re still under the “old regime” of proof-of-work. With The Merge, all data and applications move onto Beacon Chain, which becomes “Ethereum”… But then there’s that red box, “Proof of Work.” Does it vanish, like a “cut and paste” of Ethereum… Or is it more of a “copy|paste,” where Old Ethereum gets left behind?
What Happens to the Old Ethereum After September?
Ethereum ( ETH-USD ) miners want to hold onto the old ways… and say we should do the same. Can we still use the old proof-of-work network, though, after September’s “Merge”? Let’s take a look at this and other top stories in The New Digital World. Source: Shutterstock What Happens to the Old Ethereum Blockchain After September? When Ethereum ( ETH-USD ) merges with the Beacon Chain on (or after) September 19: “This will mark the end of proof-of-work for Ethereum, and the full transition to proof-of-stake [and] sets the stage for future scaling upgrades.” That’s the official word from the Ethereum Foundation . “Any funds held in your wallet before The Merge will still be accessible,” we further hear. “No action is required to upgrade on your part.” There’s a flowchart to help us grasp what is happening: Source: The Ethereum Foundation Right now, we’re at the fork in the road, on the left. Beacon Chain is almost done, but we’re still under the “old regime” of proof-of-work. With The Merge, all data and applications move onto Beacon Chain, which becomes “Ethereum”… But then there’s that red box, “Proof of Work.” Does it vanish, like a “cut and paste” of Ethereum… Or is it more of a “copy|paste,” where Old Ethereum gets left behind?