Ethereum Transition: Everything you Need to Know About the Ethereum Merge

In September 2022, the world witnessed one of the most significant crypto events to date, the Ethereum Merge. For those of you who own Ethereum investments, we know you want to know about this merger and how it affects you. This informative article contains everything you need to know about the Ethereum merge. Even more, we’ve added the best place to trade your Ethereum for cash at the best rates and get paid immediately.

What is the Ethereum merge?

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Ethereum is the second most popular cryptocurrency in the world. It also has the second-highest market capitalization of over 210 billion dollars. The success of the Ethereum blockchain took everyone by surprise, as nobody expected any platform ever to match Bitcoin’s success as a cryptocurrency. The merge takes Ethereum a bit closer to being one of the best cryptocurrencies to ever exist. 

Before now, Ethereum, like every crypto, operated like Bitcoin. This involves mining crypto transactions from a decentralized network of computers, which solve the complex blockchain algorithms and are rewarded with coins for doing so. This is called the Proof of Work (PoW) consensus, and it is energy intensive because of all the work and machines involved.

With the merger, Ethereum has moved from the Proof of Work consensus to the Prof of Stake consensus. The Proof of Stake is not a new consensus, even though Ethereum is just using it. It differs from the Proof of work because it requires less power and increases the efficacy of the Ethereum blockchain. 

With Proof of stake, miners of Ethereum with a large will get higher rewards whenever they stake or pledge to a smart contract. It is an innovative move for Ethereum, and seeing their plans come to fruition is a good thing.

The merge is also known as Ethereum 2.0, and analysts have said it would make Ethereum transactions easier, safer, and cheaper. Other upgrades are also expected to be noticed as time goes on.

How will the merger affect crypto traders? 

This is the question that most crypto traders are asking, “how does the merge affect me?” The truth is that the merge wouldn’t and shouldn’t change the way you invest or view Ethereum. Yes, the upgrade is significant, but it is not detrimental to traders in any way. If anything, it positively impacts your Ethereum transaction by making it faster than it used to be with the Proof of Work consensus. 

Future updates to the Ethereum blockchain are expected to increase its efficiency by introducing “shard chains.” Share chains will expand the Ethereum network to 64 blockchains by staking. 

However, if you were an Ethereum miner before the merge, this might put you out of business because you’ll be expected to adopt the Proof of Work consensus before you can mine Ethereum. 

Where to sell Ethereum in Nigeria 

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Despite the Ethereum merge, the crypto business will go on as usual. The rate of Ethereum may be positively impacted. All we are aware of is that everyone trading on the Ethereum blockchain will feel safer with the transition. 

Selling Ethereum in Nigeria will also happen as usual, and it is best to do so on a good exchange platform. The best crypto exchange platform is Astro Africa. You can sell Ethereum at the best rates on Astro Africa at the best rates and get paid immediately. The platform is packed with everything you need to trade Ethereum successfully. 

The Astro Africa website and apps are easy to operate because they are intuitive. Your assets are 100% safe on the platform as we employ the best trading security technology to ensure unauthorized third parties cannot access your assets. In your own little way, you can also protect your assets on Astro Africa by choosing a strong password and never sharing it with anyone. There’s an automated rates calculator on Astro Africa that helps you calculate the current rates of your cryptocurrencies with ease. Another way Astro Africa stands out is with our responsive customer support. It doesn’t matter the time of the day; Astro Africa will respond to any crypto-related issue encountered on the platform. 

To get started, create an account via the website or app, follow the prompt, and sell Ethereum for cash at the best rates.

Read also: Best way to invest in Ethereum in Nigeria