Ethereum, the second largest cryptocurrency by market capitalization, underwent a long-awaited upgrade, which resulted in a permanent split of the Ethereum blockchain into two separate blockchains.
The original Ethereum blockchain, now known as Ethereum Classic (ETC), retained the original ruleset of the Ethereum network, while the new blockchain, Ethereum (ETH), upgraded to a new ruleset compatible with a major upgrade to the network known as Constantinople. The fork occurred at block number 7,280,000 and was uneventful, with both chains continuing to operate without interruption.
What is The Ethereum Merge?
The Ethereum merge is the permanent split of the Ethereum blockchain into two separate blockchains, Ethereum Classic (ETC) and Ethereum (ETH). The fork occurred at block number 7,280,000 and was uneventful, with both chains continuing to operate without interruption.
When Did The Ethereum Merge Happen?
The Ethereum Merge happened on September 15. The merge was a hard fork of the Ethereum blockchain that created a new cryptocurrency called Ethereum Classic (ETC). The merge was controversial and resulted in a split of the Ethereum community.
Some members of the community believed that the fork was necessary to fix a flaw in the Ethereum blockchain that had been exploited by hackers. Others believed that the fork was an attack on the Ethereum network.
Why Did The Ethereum Merge Happen?
The Ethereum merge happened in order to upgrade the Ethereum network to a new ruleset known as Constantinople. The fork occurred at block number 7,280,000 and was uneventful, with both chains continuing to operate without interruption.
What Does The Ethereum Merge Mean For You?
The Ethereum merge has no direct impact for most users. If you held ether (ETH) on the Ethereum network prior to the fork, you will now have an equal amount of ETH on both the Ethereum Classic (ETC) and Ethereum (ETH) blockchains. If you held your ETH in a wallet that supports both chains (e.g. MetaMask, MyEtherWallet, Exodus), you will now have two separate ETH balances, one on each chain. If you held your ETH in a wallet that only supports the Ethereum (ETH) blockchain (e.g. Coinbase, Ledger), you will only have an ETH balance on the Ethereum (ETH) blockchain.
What Does The Ethereum Merge Mean For Your Ether Holdings?
The Ethereum merge has no direct impact on your ether holdings. If you held ether (ETH) on the Ethereum network prior to the fork, you will now have an equal amount of ETH on both the Ethereum Classic (ETC) and Ethereum (ETH) blockchains. If you held your ETH in a wallet that supports both chains (e.g. MetaMask, MyEtherWallet, Exodus), you will now have two separate ETH balances, one on each chain. If you held your ETH in a wallet that only supports the Ethereum (ETH) blockchain (e.g. Coinbase, Ledger), you will only have an ETH balance on the Ethereum (ETH) blockchain.
What Does The Ethereum Merge Mean For Ether’s Price?
The Ethereum merge has no direct impact on ether’s price. However, the upgrade to the Ethereum network that resulted in the fork, known as Constantinople, is expected to improve the efficiency of the Ethereum network and reduce the cost of running Ethereum-based applications. This is expected to have a positive impact on ether’s price in the long term.
What About The Future of Ethereum?
The Ethereum merge is a positive development for the Ethereum network. The upgrade to the Ethereum network that resulted in the fork, known as Constantinople, is expected to improve the efficiency of the Ethereum network and reduce the cost of running Ethereum-based applications. This is expected to have a positive impact on Ethereum’s price in the long term.
Final Thoughts
The Ethereum merge was a big event for the Ethereum community because it signaled a move towards a more decentralized governance model. The merge allowed for a more equal distribution of power among the different stakeholders in the Ethereum network. This event was also a big step forward for the Ethereum community in terms of adoption and development.
