Seeing news about the EthereumMerge everywhere? Well, here's more 😉 We're summarizing everything you need to better understand the upcoming ETH event within one web page 👇
In order to fully understand what “The Merge” is, let’s cover important key concepts.The Ethereum network runs on nodes distributed all around the globe. How do all of these nodes agree on the state of data —like account balances and the ordering of transactions — as it changes in real-time? Who gets to add new blocks to the chain? Ethereum, like Bitcoin, currently uses the “consensus mechanism.
5. If yes, you won! You found a valid proof-of-work. Submit that block to the network and get rewarded. Go back to Step 1 and repeat.Miners compete against each other to find blocks as fast as possible. The algorithm above is iterated by miners billions to trillions of times every block. Mathematically, by finding an output with enough leading 0’s , a miner can2. A way for nodes to agree what chain is the “true” chain.
To become an Ethereum validator, you must stake 32 $ETH and run the Ethereum client on a high-Internet uptime machine . By doing this, you signal to the network that you will verify and create blocks honestly. Why? Because it is in your own best self-interest to do so. If you are dishonest, you will lose out on validator rewards and even potentially start to lose your stake — even the value of the token itself can fall, meaning you ultimately end up attacking yourself.
In the same way, a validator that attempts to break the rules in any way will not only be ignored but “slashed” meaning thatEthereum PoS vs Ethereum PoW Concepts to Know
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