Just as the implementation date of Ethereum’s upcoming upgrade is closing in, the excitement level among the Ethereum community is becoming unmeasurable.
Excitement over “The Merge’s” Implementation
The entire Ethereum community seems too excited about the implementation of “The Merge”. However, this excitement can be the reason for a number of misconceptions that people may have developed on their own.
Ever since the announcement surrounding the implementation of “The Merge” has been made, people are eager for its implementation.
They believe that the upgrade will address many issues they have been facing on the current Ethereum blockchain.
It may be true that so far, it may be the Ethereum blockchain’s most significant upgrade. But it has been linked to many misconceptions that must be cleared.
This is because if this misconception is not clear, millions may be disappointed when they do not see those issues being addressed.
These misconceptions include a reduction in gas (transaction) fees, faster transactions, and downtime for the Ethereum blockchain.
Therefore, the Ethereum development teams have tried clearing out these misconceptions. This way, people would know exactly what they do not have to expect from “The Merge”.
Gas Fee Reduction
It is rumored that the gas fees for processing Ethereum transactions will be reduced. It may be true that every investor wants this matter to be addressed by Ethereum developers but it is not being addressed with “The Merge”.
It is to be kept in mind that the implementation of “The Merge” simply means that the consensus protocol for Ethereum is being changed.
This means that the consensus protocol for Ethereum will be changed from proof-of-work to proof-of-stake. Therefore, it will have no effect on the gas fee reductions.
If the network wants to address the gas prices and aims to reduce them, then it will be a completely new story. In that case, the network capacity has to be expanded alongside its throughput.
Although gas fee reduction is not part of “The Merge” Ethereum has added it to their rollup-centric roadmap.
If you are an Ethereum user, chances are you may not be able to tell the difference. This is because, at the moment, the transaction on the mainnet takes about 13.3 seconds.
With the implementation of “The Merge”, this time will be reduced to 12 seconds. This means that not much of a difference will be made in terms of the time taken for transaction processing.
Downtime for Ethereum Blockchain
Many think that the implementation of “The Merge” may cause downtime to the Ethereum blockchain. However, this is not the case at all because the PoW and PoS are two completely different protocols.
It is only a matter of switching from PoW to PoS, which may not impact the protocol at all.