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3.81704L7.04397 10.5643L7.12095 10.6987L7.04397 10.5649L6.76974 14.675C6.92584 14.6731 7.07947 14.6358 7.21913 14.566C7.35878 14.4963 7.48083 14.3958 7.57613 14.2721L9.51318 12.389L13.5423 15.3662C14.2841 15.7748 14.8191 15.5629 15.004 14.6773L17.6491 2.21212C17.9199 1.12644 17.2349 0.634171 16.5258 0.956163"></path></svg></a></div><div class="sc-bdfBwQ Grid__GridItem-sc-3uwl3g-2"><div aria-label="Copy the link to your clipboard" class="sc-gsTCUz SocialLink__IconWrapper-sc-1toayxk-0 kSSfgv sHTpX"><svg viewBox="0 0 14 17" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-bdfBwQ Svg-sc-17i2kvj-0"><path d="M13.8801 0V12.26H11.8801V2H4.12012V0H13.8801Z"></path><path d="M0.120117 3.97998V16.24H9.88012V3.99998L0.120117 3.97998ZM7.87012 14.26H2.12012V5.99998H7.88012L7.87012 14.26Z"></path></svg></div></div></div></div></div></div></div></div></div><div class="sc-bdfBwQ Dropdown__Wrapper-egbkvi-2 haGBPZ dKySxu wrapper--bottom,bottom-right"><div class="sc-gsTCUz hSEAzV"><div class="sc-bdfBwQ Text-msjfkz-0 fJwUeL">Table of Contents</div><svg viewBox="0 0 9 6" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-bdfBwQ Svg-sc-17i2kvj-0 erLLvd"><path d="M4.24 5.65L0 1.41L1.42 0L4.24 2.82L7.06 0L8.48 1.41L4.24 5.65Z"></path></svg></div><div class="Dropdown__DropdownWrapper-egbkvi-1 jpFHJB"><div class="Dropdown__Menu-egbkvi-0 bBRENP"><div class="StickyBar__ToC-rk0m1f-0 PywUU"><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv"><strong>Important Context to Understand ‘The Merge’</strong></div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv"><strong>Consensus Mechanisms</strong></div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv"><strong>There Are Many Levels to Consensus</strong></div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv"><strong>Proof-of-Stake = Another Consensus Mechanism</strong></div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv"><strong>Ethereum + Proof-of-Stake</strong></div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv"><strong>Ethereum PoS vs Ethereum PoW Concepts to Know</strong></div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv"><strong>Ethereum + PoS Terms & Concepts to Know</strong></div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv"><strong>Ok, So What Is The Merge?</strong></div><div class="StickyBar__ToCButton-rk0m1f-1 eGrglv"><strong>Ok, The Merge Is the Final Step in the Ethereum Upgrade to Proof-of-Stake, But What Actually Happens?</strong></div></div></div></div></div></div><div style="width:0%" class="sc-bdfBwQ ProgressBar__Bar-sc-7ekl2x-0 blnIOn eMGdpa"></div></div><a href="/academy/categories/ethereum" class="sc-bdfBwQ Text-msjfkz-0 jStWLp">Ethereum</a><h1 class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 hoXOTC dAnDNe">All You Ever Wanted to Learn About the Ethereum Merge</h1><div class="sc-gsTCUz qFvDU"><div class="sc-bdfBwQ Text-msjfkz-0 clhOqr"><a href="/academy/author/ernesto-frontera" class="ArticleContent__AuthorLink-sc-18n1x4l-3 gMCoqt">By Ernesto Frontera </a></div><div class="sc-gsTCUz jZlgey"><svg viewBox="0 0 24 24" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-bdfBwQ Svg-sc-17i2kvj-0 kKBMco"><path d="M11.9963 4C13.5785 4 15.1252 4.46919 16.4408 5.34824C17.7564 6.22729 18.7818 7.47672 19.3873 8.93853C19.9928 10.4003 20.1512 12.0089 19.8426 13.5607C19.5339 15.1126 18.772 16.538 17.6531 17.6569C16.5343 18.7757 15.1089 19.5376 13.557 19.8463C12.0052 20.155 10.3966 19.9965 8.93481 19.391C7.473 18.7855 6.22358 17.7602 5.34452 16.4446C4.46547 15.129 3.99628 13.5823 3.99628 12C3.99871 9.87901 4.84234 7.84559 6.34211 6.34583C7.84187 4.84606 9.87529 4.00243 11.9963 4ZM11.9963 2C10.0185 2 8.08507 2.58649 6.44058 3.6853C4.79609 4.78412 3.51436 6.3459 2.75749 8.17317C2.00061 10.0004 1.80258 12.0111 2.18843 13.9509C2.57428 15.8907 3.52669 17.6725 4.92521 19.0711C6.32374 20.4696 8.10557 21.422 10.0454 21.8079C11.9852 22.1937 13.9959 21.9957 15.8231 21.2388C17.6504 20.4819 19.2122 19.2002 20.311 17.5557C21.4098 15.9112 21.9963 13.9778 21.9963 12C21.9963 10.6868 21.7377 9.38641 21.2351 8.17315C20.7326 6.95988 19.996 5.85748 19.0674 4.92889C18.1388 4.0003 17.0364 3.26371 15.8231 2.76117C14.6099 2.25863 13.3095 1.99998 11.9963 2Z" fill="currentColor"></path><path d="M15.561 16.972L11.003 12.414V6.004H13.003V11.586L16.975 15.558L15.561 16.972Z" fill="currentColor"></path></svg><span class="sc-bdfBwQ Text-msjfkz-0 gtVAYr">11m</span></div><span class="sc-bdfBwQ Text-msjfkz-0 eDxZZL">Created 2yr ago, last updated 2yr ago</span></div><div class="sc-bdfBwQ ArticleContent__ArticleSummaryBox-sc-18n1x4l-1 ihJtHv dwcfaP"><p>Bookmark this article to prepare for the upcoming Ethereum Merge — you'll find all that you need to know.</p></div><div class="sc-bdfBwQ ArticleCover__CoverBox-sc-9pmloj-0 bVYJZw"><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%27720%27%20height=%27405%27/%3e"/></span><img alt="All You Ever Wanted to Learn About the Ethereum Merge" srcSet="https://academy-public.coinmarketcap.com/optimized-uploads/fe8ba6b98b244c9b960d11609653326a.jpg 1x, https://academy-public.coinmarketcap.com/optimized-uploads/fe8ba6b98b244c9b960d11609653326a.jpg 2x" src="https://academy-public.coinmarketcap.com/optimized-uploads/fe8ba6b98b244c9b960d11609653326a.jpg" decoding="async" data-nimg="intrinsic" class="coverImage" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover"/></span></div><div class="sc-bdfBwQ ArticleContent__TableOfContents-sc-18n1x4l-2 eEqGWC fiqiCA"><h4 class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 ksiqdi dAnDNe">Table of Contents</h4><ul><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#header-0"><strong>Important Context to Understand ‘The Merge’</strong></a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#strong-consensus-mechanisms-strong"><strong>Consensus Mechanisms</strong></a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#strong-there-are-many-levels-to-consensus-strong"><strong>There Are Many Levels to Consensus</strong></a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#strong-proof-of-stake-another-consensus-mechanism-strong"><strong>Proof-of-Stake = Another Consensus Mechanism</strong></a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#strong-ethereum-proof-of-stake-strong"><strong>Ethereum + Proof-of-Stake</strong></a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#strong-ethereum-pos-vs-ethereum-pow-concepts-to-know-strong"><strong>Ethereum PoS vs Ethereum PoW Concepts to Know</strong></a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#strong-ethereum-pos-terms-concepts-to-know-strong"><strong>Ethereum + PoS Terms & Concepts to Know</strong></a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#strong-ok-so-what-is-the-merge-strong"><strong>Ok, So What Is The Merge?</strong></a></li><li><a class="sc-bdfBwQ Text-msjfkz-0 bjGZcz toc-link" href="#strong-ok-the-merge-is-the-final-step-in-the-ethereum-upgrade-to-proof-of-stake-but-what-actually-happens-strong"><strong>Ok, The Merge Is the Final Step in the Ethereum Upgrade to Proof-of-Stake, But What Actually Happens?</strong></a></li></ul></div><article class="sc-bdfBwQ Container-sc-4c5vqs-0 ArticleContent__ArticleContainer-sc-18n1x4l-0 cdVqKV khdEkh ljODsN"><h2 id="header-0" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa ehzvDo"><strong>Important Context to Understand ‘The Merge’</strong></h2><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">In order to fully understand what “The Merge” is, let’s cover important key concepts.</p><h3 id="strong-consensus-mechanisms-strong" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa gYQtxK"><strong>Consensus Mechanisms</strong></h3><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">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 “<strong>proof-of-work</strong> consensus mechanism. In PoW systems, miners expend tremendous amounts of energy to validate transactions and build blocks with them; this process keeps the chain secure from attacks or fraud.</div><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">In order for anyone to add a new block of transactions to a blockchain, they must present a valid proof-of-work. If you look at the<a href="https://blockstream.info/block/00000000000000000003cdd5a7fd45610cc2f0c8cc16693d2e4d1909e9ab8ece" rel="nofollow noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns"> latest Bitcoin block (749020)</a>, you can see the proof-of-work right on the url:</div><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><strong>00000000000000000003cdd5a7fd45610cc2f0c8cc16693d2e4d1909e9ab8ece</strong></p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Notice all of those leading 0's? Miners must do immense work to find these multiple-leading-0 outputs.</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">To review the PoW mining algorithm:</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">1. Gather a bunch of unconfirmed transactions.</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">2. Build a “candidate” block with them.</p><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">3. Hash the data contents of that block using a<a href="https://emn178.github.io/online-tools/sha256.html" rel="nofollow noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns"> SHA256 tool</a>.</div><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">4. Did the hash output produce enough leading 0's? (aka: was it below a desired network-enabled target difficulty?)</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">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.</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">6. If not, repeat step 4.</p><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">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 (aka: low-enough target output), a miner can <strong>prove they invested work into securing the system and thus get rewarded</strong> (right now, the Bitcoin block reward = 6.25 BTC while the Ethereum block reward = 2 ETH plus transaction fees.</div><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Ethereum’s PoW system works in exactly the same way. If you want to add blocks to the chain and get rewarded for doing so, you must invest in hardware to perform the PoW algorithm trillions of times.</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">So that’s how the proof-of-work model works. Miners expend a lot of energy and time in order to compete to find a valid proof-of-work, a process that serves to secure the network and achieve consensus.</p><h3 id="strong-there-are-many-levels-to-consensus-strong" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa gYQtxK"><strong>There Are Many Levels to Consensus</strong></h3><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">The process described above is just an algorithm that is run by the Ethereum client mining software. Game theory forces us to consider factors external to just the software. Blockchain networks, as strong drivers for social and economic activity, transcend across to real-life systems. For example, a PoW miner must use capital to:</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">1. Purchase hardware equipment;</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">2. Have access to plentiful cheap electricity;</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">3. Have access to strong WiFi;</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">4. Set up space and infrastructure to house machines, heat exhaust, dust.</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">These are all risks that a person must take on in order to become a “miner” in a PoW system. All of these items are required for you to have everything necessary to submit valid proofs of work and keep the network in question secure. In proof-of-work, miners prove they have capital at risk by expending energy.</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><strong>Given the above, a PoW network’s consensus is backed by the thousands of hardware machines and trillions of kilowatts of electricity invested by the miners around the world.</strong></p><h3 id="strong-proof-of-stake-another-consensus-mechanism-strong" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa gYQtxK"><strong>Proof-of-Stake = Another Consensus Mechanism</strong></h3><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Proof-of-work is just one out of many consensus mechanisms that exist to coordinate decentralized networks. It’s the de facto consensus mechanism, popularized by Bitcoin — and copied by Ethereum.</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">But Ethereum was always designed for its use of proof-of work-consensus to be temporary.</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Before we talk about The Merge, let’s review proof-of-stake, or PoS.</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Proof-of-stake is a consensus mechanism that, like PoW, is used to give a blockchain network the things that consensus mechanisms should provide, mainly:</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">1. Network security (no fraud, no double-spending, no 51% attacks);</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">2. A way for nodes to agree what chain is the “true” chain.</p><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">If you want to participate in the validation and proposal of new blocks in a proof-of-stake chain, you can be a <strong>validator</strong>, the PoS equivalent of a PoW miner. Instead of buying up mining machines and electricity to represent capital at risk to the network, “<strong>validators” stake capital in the form of the network’s native token instead.</strong> That is their way of saying, “I care about this network’s security. Don’t believe me? Here is my capital at risk.”</div><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Tezos is a network in production that uses PoS successfully; you must stake (aka: lock up) 6,000 $XTZ (the Tezos network native token) to become a “baker,” Tezos’s term for a “validator” and “miner.” Risking capital to support a network, game-theory-wise, properly incentivizes actors to be honest arbiters of the network, otherwise their investments would not be profitable.</p><h3 id="strong-ethereum-proof-of-stake-strong" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa gYQtxK"><strong>Ethereum + Proof-of-Stake</strong></h3><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Ethereum was designed to use proof-of-work only temporarily: the creators always planned to switch to proof-of-stake. Given proof-of-work’s indisputable success as a consensus model for Bitcoin, Ethereum was able to begin working with a PoW mechanism, while the complex design of a proof-of-stake Ethereum could be fully architected with a plan to implement it when the time was right and the system was fully researched, trouble-shooted and ready.</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">To become an Ethereum validator, you must stake 32 $ETH (the Ethereum network native token) and run the Ethereum client on a high-Internet uptime machine (even a laptop!). 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.</p><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">A side note, if you do not have 32ETH, you can still participate in validating the network through a few options: pooled staking (including liquid staking solutions like Lido), staking on centralized exchanges, and finally running a node that does not propose blocks, but still supports the network by listening for new blocks to verify them. For more information, visit the Ethereum.org staking page <a href="https://ethereum.org/en/staking/" rel="nofollow noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns">here</a>.</div><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Just like in proof-of-work, if a miner is dishonest and attempts to submit a block that breaks the rules in any way (double-spends a tx, invalid txs, etc), the miner loses any potential rewards they could have made by just being honest; <strong>the rest of the network will simply ignore the dishonest miner because he is breaking the consensus rules. </strong>In the same way, a validator that attempts to break the rules in any way will not only be ignored but “slashed” meaning that <strong>a part of the stake is taken as a penalty for dishonesty</strong>.</div><h3 id="strong-ethereum-pos-vs-ethereum-pow-concepts-to-know-strong" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa gYQtxK"><strong>Ethereum PoS vs Ethereum PoW Concepts to Know</strong></h3><ul class="Renderer__List-mfgg8t-1 kEBbNN"><li class="sc-bdfBwQ Text-msjfkz-0 byJUJo">A block in PoW is added to the chain by whoever successfully solves the target difficulty hashing puzzle. A block in PoS is added to the chain by selecting a random validator node to propose a block. A second set of validators is then randomly chosen to verify that validator’s proposed block.</li><li class="sc-bdfBwQ Text-msjfkz-0 byJUJo">Ethereum PoW has “miners” responsible for block verification + addition. Ethereum PoS has “validators” responsible for block verification + addition. Miners earn rewards for finding a valid target hash solution, validators earn rewards by constructing a block when chosen at random to do so.</li><li class="sc-bdfBwQ Text-msjfkz-0 byJUJo">To add blocks, Ethereum PoS does not require high energy consumption, while Ethereum PoW requires extreme energy usage in order to perform hash computations rapidly. Estimates place the PoS energy requirement to be ~99.95% less than PoW.</li><li class="sc-bdfBwQ Text-msjfkz-0 byJUJo">The capital at stake in PoW is a person’s time, hardware and electricity. The capital at stake in PoS is a person’s time + their 32 ETH. Given the game theory design, honest actors stand to gain more than dishonest ones.</li><li class="sc-bdfBwQ Text-msjfkz-0 byJUJo">The rate of PoW blocks is determined by the network difficulty, usually fine-tuned to aim<strong> </strong>for a specific time — which it can go over or under. A valid target hash can take a variable amount of time to find. The rate of PoS blocks is a fixed tempo. Time in PoS Ethereum is divided into slots (12 seconds) and epochs (32 slots). There are various mechanics that function based on this fixed tempo, for example: every slot, a committee of validators is randomly selected and charged with voting on whether the block proposed by another random validator is valid.</li></ul><h3 id="strong-ethereum-pos-terms-concepts-to-know-strong" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa gYQtxK"><strong>Ethereum + PoS Terms & Concepts to Know</strong></h3><ul class="Renderer__List-mfgg8t-1 kEBbNN"><li class="sc-bdfBwQ Text-msjfkz-0 byJUJo"><strong>Validator</strong>: as a validator, you’ll be responsible for storing data, processing transactions and adding new blocks to the blockchain — doing this will require 32 $ETH stake + active hardware + software client. Validators are expected to maintain sufficient hardware and internet connectivity in order to gain rewards via block validation/proposal.</li><li class="sc-bdfBwQ Text-msjfkz-0 byJUJo"><strong>Slashing</strong>: malicious behavior from a validator can result in that validator’s stake getting “slashed” or subtracted from, in ever-increasing amounts (remember that you can get slashed even for non-malicious behaviors such as your node going offline!).</li><li class="sc-bdfBwQ Text-msjfkz-0 byJUJo"><strong>Slot</strong>: 12 seconds.</li><li class="sc-bdfBwQ Text-msjfkz-0 byJUJo"><strong>Epoch</strong>: 32 slots.</li><li class="sc-bdfBwQ Text-msjfkz-0 byJUJo"><strong>Mainnet</strong>: Ethereum’s current “true” chain running on PoW consensus. As opposed to a test network like Göerli, Ether is worth real money on this network.</li><li class="sc-bdfBwQ Text-msjfkz-0 byJUJo"><strong>Ethereum client</strong>: software package run by Ethereum nodes that consists of two layers: execution and consensus. The node running the client could either be a full node or a mining node.</li><li class="sc-bdfBwQ Text-msjfkz-0 byJUJo"><strong>Execution layer</strong>: layer of Ethereum client responsible for the execution of transactions and state management. This is where the EVM runs operation codes and programming logic. Execution clients include: Geth, Erigon and Nethermind.</li><li class="sc-bdfBwQ Text-msjfkz-0 byJUJo"><strong>Consensus layer</strong>: layer of Ethereum client responsible for consensus. This is where the rules on what makes a block or transaction valid live. Consensus clients for the Beacon Chain include Lighthouse, Prysm and Teku.</li><li class="sc-bdfBwQ Text-msjfkz-0 byJUJo"><strong>The Beacon Chain</strong>: Separate proof-of-stake blockchain created on Dec. 1, 2020. It exists completely parallel to Ethereum’s Mainnet and has been in production since it was created, used for testing. Once ready, it will become the new consensus engine on which future Ethereum transactions get executed.</li></ul><h3 id="strong-ok-so-what-is-the-merge-strong" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa gYQtxK"><strong>Ok, So What Is The Merge?</strong></h3><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Now that we’ve covered a lot of important terms and context above, understanding what the heck “The Merge” is should be easier.</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><strong>“The Merge” is the final step in Ethereum’s broader plan to completely move off of PoW consensus and adopt PoS, or proof-of-stake.</strong></p><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"></div><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"></div><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><strong><div class="lazyload-wrapper "><div style="height:200px" class="lazyload-placeholder"></div></div></strong></p><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"></div><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"></div><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Ethereum’s transition to proof-of-stake was originally divided into two major parts (excluding hard forks like Berlin and London, which occurred as general upgrades to pre-Merge Ethereum):</p><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">1. <strong>Launching the Beacon Chain</strong>. The Beacon Chain a separate parallel PoS blockchain that was used to run tests without affecting the Ethereum Mainnet or the hundreds of billions of dollars secured on it. Another important reason for launching the Beacon Chain ahead of the official merge was to give enough time for stakers to stake — there needs to be enough staked ETH to sufficiently secure the network.<a href="https://launchpad.ethereum.org/en/" rel="noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns"> At the time of writing, the Beacon Chain holds 14,000,434 ETH</a>.</div><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">2. <strong>The Merge. </strong>The merging of the consensus layer of the Beacon Chain with the EVM state of the Ethereum Mainnet.</div><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Since<a href="https://etherscan.io/block/0" rel="noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns"> its first genesis block</a>, proof-of-work has secured the Ethereum Mainnet. And since 2020, the Beacon Chain has lived in parallel with but separate to Ethereum, running the modified proof-of-stake consensus layer. Currently, an Ethereum node runs a client that combines both the EVM-powered execution layer and the PoW-powered consensus layer.</div><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><strong>When The Merge occurs, Ethereum’s current PoW-powered consensus layer will be switched out for proof-of-stake consensus. Ethereum’s state and transaction history will remain exactly the same. If you are currently a liquidity provider on Uniswap, you will still be one on the proof-of-stake Ethereum system; the only difference is that the system on which you are on an LP will be secured by proof-of-stake consensus instead of proof-of-work.</strong></p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">The Merge will effectively change the way Ethereum clients currently bundle execution and consensus layers together, separating them out into their own separate clients. This means a PoS Ethereum full node can run a client with: Geth (execution) + Lighthouse (consensus) — or any variation of the execution/consensus clients possible. And it will do all of this in real-time.</p><h3 id="strong-ok-the-merge-is-the-final-step-in-the-ethereum-upgrade-to-proof-of-stake-but-what-actually-happens-strong" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa gYQtxK"><strong>Ok, The Merge Is the Final Step in the Ethereum Upgrade to Proof-of-Stake, But What Actually Happens?</strong></h3><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">At the time of the merge, execution clients like Geth will start listening to blocks coming from the PoS chain — aka, the Beacon Chain. The “trigger” for this switch will be determined by a new network variable (implemented by upgrades) called <strong>Terminal_Total_Difficulty</strong>, which represents the sum of the PoW difficulty of every block accumulated on the Ethereum PoW chain.</div><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">PoW Ethereum will transition to PoS Ethereum when the <strong>Total Terminal Difficulty</strong> reaches a count of <strong>58,750,000,000,000,000,000,000</strong>.</div><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">At<a href="https://etherscan.io/block/15347593" rel="nofollow noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns"> the latest block at time of writing (#15347593)</a>, the total difficulty is 56,438,897,354,985,249,320,571 — which means we have two sextillion worth of PoW difficulty to go until The Merge.<a href="https://bordel.wtf/" rel="nofollow noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns"> https://bordel.wtf/</a> is a live countdown tool that estimates the target TTD will be reached on September 15th.</div><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">So there you have it. After reading this article, you should be familiar with all of the important terms and concepts related to blockchain consensus systems, particularly for proof-of-work and proof-of-stake. When someone asks you what the heck The Merge is, the natural one-answer should be: “The final step in the process of Ethereum transitioning from PoW to PoS security model.”</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Is this change risky? Sure! Proof-of-work is a battle-tested security model that has given Bitcoin almost-perfect uptime for over almost two decades. Proof-of-stake, on the other hand, is a fairly new and more complex security model. It remains to be seen whether the model will do well to secure the hundreds of billions of dollars on the Ethereum network.</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Once Ethereum reaches its proof-of-stake milestone, there are many more upgrades down the line that are intended to help Ethereum increase scaling and further decentralization. These next milestones include:</p><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">1. <strong>The Merge</strong>: PoW Ethereum dies, PoS Ethereum begins (upcoming on Sept. 15th)</div><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">2. <strong>The Surge</strong>: sharding to help scalability, particularly for rollups (TBD)</div><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">3. <strong>The Verge</strong>: stateless clients, making Ethereum nodes easier to run (TBD)</div><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">4. <strong>The Purge</strong>: technical debt elimination + eliminating historical data (TBD)</div><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">5. <strong>The Splurge</strong>: extra features, goodies (TBD)</div><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">What do you think? Will Ethereum’s “upgrade” to a new security model serve it well? Should they have just stayed with PoW consensus, given that is a seemingly reliable security model? Will this make Ethereum adoption mainstream or hurt it in the long run?</p><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><strong>CoinMarketCap Academy</strong> will write a series of articles just like this one for each of the subsequent steps after The Merge, stay tuned! Find more of our Merge series <a href="https://coinmarketcap.com/alexandria/author/ernesto-frontera" rel="noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns">here</a> in the future. </div><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><em>A special thank you to <strong><a href="https://twitter.com/cryptopunk6068" rel="nofollow noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns">CryptoPunk 6068</a></strong> for lending his research expertise to write this article.</em></p><div class="disclaimer">This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.</div></article></div></div><div class="sc-bdfBwQ gPOvAF"><button type="button" class="LikeButton__StyledButton-sc-1xl44e6-0 eTnhwi"><svg viewBox="0 0 26 23" fill="none" xmlns="http://www.w3.org/2000/svg" class="sc-bdfBwQ Svg-sc-17i2kvj-0 hZZWDZ"><path d="M2.75736 3.14987C0.414213 5.41675 0.414213 9.0921 2.75736 11.359L13.0001 21.2683L23.2426 11.359C25.5858 9.0921 25.5858 5.41675 23.2426 3.14987C20.8995 0.882986 17.1005 0.882986 14.7574 3.14987L13.0001 4.8501L11.2426 3.14987C8.8995 0.882986 5.10051 0.882986 2.75736 3.14987Z" stroke="currentColor" stroke-width="1.5" stroke-linecap="round" stroke-linejoin="round"></path></svg></button><div class="sc-bdfBwQ Text-msjfkz-0 bFLuOX">71 people liked this article</div></div><div style="padding-top:0" class="sc-bdfBwQ Container-sc-4c5vqs-0 dCEoLC khdEkh"><div class="ArticleAuthor__AuthorSection-t18p1k-0 bKWLgX"><a class="image-link" href="/academy/author/ernesto-frontera"><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2772%27%20height=%2772%27/%3e"/></span><img alt="Ernesto Frontera " src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover"/><noscript><img alt="Ernesto Frontera " srcSet="https://academy-public.coinmarketcap.com/uploads/68fa3c87844140cd8331718aaaf66a9d.jpg 1x, https://academy-public.coinmarketcap.com/uploads/68fa3c87844140cd8331718aaaf66a9d.jpg 2x" src="https://academy-public.coinmarketcap.com/uploads/68fa3c87844140cd8331718aaaf66a9d.jpg" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover" loading="lazy"/></noscript></span></a><div><a href="/academy/author/ernesto-frontera"><h3>Ernesto Frontera </h3></a><p>I'm a blockchain researcher interested in the intersection of blockchain technology and human liberation.</p></div></div></div><div class="sc-bdfBwQ dBQaiO"><div class="sc-bdfBwQ Container-sc-4c5vqs-0 kA-dzTb khdEkh"><h3 class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 bjGlIw dAnDNe">Related Articles</h3></div><div class="sc-bdfBwQ Container-sc-4c5vqs-0 kA-dzTb khdEkh sc-bdfBwQ Grid-sc-3uwl3g-0 bGWzuD ZAQjM"><a href="/academy/article/the-evolution-of-blockchain-gaming-a-deep-dive-into-seraph" class="sc-bdfBwQ ArticleCard__ArticleBox-sc-4ctgqh-0 iXxiMt jZHrE"><div class="sc-gsTCUz ghfBCu"><div class="sc-bdfBwQ LazyBackground__Background-sc-16pnu62-0 ftOUaZ fqZiSi"></div><div class="sc-bdfBwQ jzZbpr"><div class="ArticleCard__Category-sc-4ctgqh-1 SmqGy">Tech Deep Dives</div><div title="The Evolution of Blockchain Gaming: A Deep Dive into Seraph" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 Title__StyledTitle-sc-6yi3ll-0 bXSEgn ffRerq gRgJsG">The Evolution of Blockchain Gaming: A Deep Dive into Seraph</div><div class="sc-bdfBwQ Text-msjfkz-0 hOMFgM">Seraph: 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know.","visible":true,"image":{"original":"uploads/fe8ba6b98b244c9b960d11609653326a.jpg","optimized":"optimized-uploads/fe8ba6b98b244c9b960d11609653326a.jpg","thumbnail":"thumbnail-uploads/fe8ba6b98b244c9b960d11609653326a.jpg"},"content":"\u003ch2 id=\"header-0\"\u003e\u003cstrong\u003eImportant Context to Understand ‘The Merge’\u003c/strong\u003e\u003c/h2\u003e\u003cp\u003eIn order to fully understand what “The Merge” is, let’s cover important key concepts.\u003c/p\u003e\u003ch3 id=\"strong-consensus-mechanisms-strong\"\u003e\u003cstrong\u003eConsensus Mechanisms\u003c/strong\u003e\u003c/h3\u003e\u003cp\u003eThe 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 “\u003cstrong\u003eproof-of-work\u003c/strong\u003e consensus mechanism. In PoW systems, miners expend tremendous amounts of energy to validate transactions and build blocks with them; this process keeps the chain secure from attacks or fraud.\u003c/p\u003e\u003cp\u003eIn order for anyone to add a new block of transactions to a blockchain, they must present a valid proof-of-work. If you look at the\u003ca href=\"https://blockstream.info/block/00000000000000000003cdd5a7fd45610cc2f0c8cc16693d2e4d1909e9ab8ece\" rel=\"nofollow\"\u003e latest Bitcoin block (749020)\u003c/a\u003e, you can see the proof-of-work right on the url:\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e00000000000000000003cdd5a7fd45610cc2f0c8cc16693d2e4d1909e9ab8ece\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eNotice all of those leading 0\u0026#x27;s? Miners must do immense work to find these multiple-leading-0 outputs.\u003c/p\u003e\u003cp\u003eTo review the PoW mining algorithm:\u003c/p\u003e\u003cp\u003e1. Gather a bunch of unconfirmed transactions.\u003c/p\u003e\u003cp\u003e2. Build a “candidate” block with them.\u003c/p\u003e\u003cp\u003e3. Hash the data contents of that block using a\u003ca href=\"https://emn178.github.io/online-tools/sha256.html\" rel=\"nofollow\"\u003e SHA256 tool\u003c/a\u003e.\u003c/p\u003e\u003cp\u003e4. Did the hash output produce enough leading 0\u0026#x27;s? (aka: was it below a desired network-enabled target difficulty?)\u003c/p\u003e\u003cp\u003e5. 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.\u003c/p\u003e\u003cp\u003e6. If not, repeat step 4.\u003c/p\u003e\u003cp\u003eMiners 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 (aka: low-enough target output), a miner can \u003cstrong\u003eprove they invested work into securing the system and thus get rewarded\u003c/strong\u003e (right now, the Bitcoin block reward = 6.25 BTC while the Ethereum block reward = 2 ETH plus transaction fees.\u003c/p\u003e\u003cp\u003eEthereum’s PoW system works in exactly the same way. If you want to add blocks to the chain and get rewarded for doing so, you must invest in hardware to perform the PoW algorithm trillions of times.\u003c/p\u003e\u003cp\u003eSo that’s how the proof-of-work model works. Miners expend a lot of energy and time in order to compete to find a valid proof-of-work, a process that serves to secure the network and achieve consensus.\u003c/p\u003e\u003ch3 id=\"strong-there-are-many-levels-to-consensus-strong\"\u003e\u003cstrong\u003eThere Are Many Levels to Consensus\u003c/strong\u003e\u003c/h3\u003e\u003cp\u003eThe process described above is just an algorithm that is run by the Ethereum client mining software. Game theory forces us to consider factors external to just the software. Blockchain networks, as strong drivers for social and economic activity, transcend across to real-life systems. For example, a PoW miner must use capital to:\u003c/p\u003e\u003cp\u003e1. Purchase hardware equipment;\u003c/p\u003e\u003cp\u003e2. Have access to plentiful cheap electricity;\u003c/p\u003e\u003cp\u003e3. Have access to strong WiFi;\u003c/p\u003e\u003cp\u003e4. Set up space and infrastructure to house machines, heat exhaust, dust.\u003c/p\u003e\u003cp\u003eThese are all risks that a person must take on in order to become a “miner” in a PoW system. All of these items are required for you to have everything necessary to submit valid proofs of work and keep the network in question secure. In proof-of-work, miners prove they have capital at risk by expending energy.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eGiven the above, a PoW network’s consensus is backed by the thousands of hardware machines and trillions of kilowatts of electricity invested by the miners around the world.\u003c/strong\u003e\u003c/p\u003e\u003ch3 id=\"strong-proof-of-stake-another-consensus-mechanism-strong\"\u003e\u003cstrong\u003eProof-of-Stake = Another Consensus Mechanism\u003c/strong\u003e\u003c/h3\u003e\u003cp\u003eProof-of-work is just one out of many consensus mechanisms that exist to coordinate decentralized networks. It’s the de facto consensus mechanism, popularized by Bitcoin — and copied by Ethereum.\u003c/p\u003e\u003cp\u003eBut Ethereum was always designed for its use of proof-of work-consensus to be temporary.\u003c/p\u003e\u003cp\u003eBefore we talk about The Merge, let’s review proof-of-stake, or PoS.\u003c/p\u003e\u003cp\u003eProof-of-stake is a consensus mechanism that, like PoW, is used to give a blockchain network the things that consensus mechanisms should provide, mainly:\u003c/p\u003e\u003cp\u003e1. Network security (no fraud, no double-spending, no 51% attacks);\u003c/p\u003e\u003cp\u003e2. A way for nodes to agree what chain is the “true” chain.\u003c/p\u003e\u003cp\u003eIf you want to participate in the validation and proposal of new blocks in a proof-of-stake chain, you can be a \u003cstrong\u003evalidator\u003c/strong\u003e, the PoS equivalent of a PoW miner. Instead of buying up mining machines and electricity to represent capital at risk to the network, “\u003cstrong\u003evalidators” stake capital in the form of the network’s native token instead.\u003c/strong\u003e That is their way of saying, “I care about this network’s security. Don’t believe me? Here is my capital at risk.”\u003c/p\u003e\u003cp\u003eTezos is a network in production that uses PoS successfully; you must stake (aka: lock up) 6,000 $XTZ (the Tezos network native token) to become a “baker,” Tezos’s term for a “validator” and “miner.” Risking capital to support a network, game-theory-wise, properly incentivizes actors to be honest arbiters of the network, otherwise their investments would not be profitable.\u003c/p\u003e\u003ch3 id=\"strong-ethereum-proof-of-stake-strong\"\u003e\u003cstrong\u003eEthereum + Proof-of-Stake\u003c/strong\u003e\u003c/h3\u003e\u003cp\u003eEthereum was designed to use proof-of-work only temporarily: the creators always planned to switch to proof-of-stake. Given proof-of-work’s indisputable success as a consensus model for Bitcoin, Ethereum was able to begin working with a PoW mechanism, while the complex design of a proof-of-stake Ethereum could be fully architected with a plan to implement it when the time was right and the system was fully researched, trouble-shooted and ready.\u003c/p\u003e\u003cp\u003eTo become an Ethereum validator, you must stake 32 $ETH (the Ethereum network native token) and run the Ethereum client on a high-Internet uptime machine (even a laptop!). 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.\u003c/p\u003e\u003cp\u003eA side note, if you do not have 32ETH, you can still participate in validating the network through a few options: pooled staking (including liquid staking solutions like Lido), staking on centralized exchanges, and finally running a node that does not propose blocks, but still supports the network by listening for new blocks to verify them. For more information, visit the Ethereum.org staking page \u003ca href=\"https://ethereum.org/en/staking/\" rel=\"nofollow\"\u003ehere\u003c/a\u003e.\u003c/p\u003e\u003cp\u003eJust like in proof-of-work, if a miner is dishonest and attempts to submit a block that breaks the rules in any way (double-spends a tx, invalid txs, etc), the miner loses any potential rewards they could have made by just being honest; \u003cstrong\u003ethe rest of the network will simply ignore the dishonest miner because he is breaking the consensus rules. \u003c/strong\u003eIn the same way, a validator that attempts to break the rules in any way will not only be ignored but “slashed” meaning that \u003cstrong\u003ea part of the stake is taken as a penalty for dishonesty\u003c/strong\u003e.\u003c/p\u003e\u003ch3 id=\"strong-ethereum-pos-vs-ethereum-pow-concepts-to-know-strong\"\u003e\u003cstrong\u003eEthereum PoS vs Ethereum PoW Concepts to Know\u003c/strong\u003e\u003c/h3\u003e\u003cul\u003e\u003cli\u003eA block in PoW is added to the chain by whoever successfully solves the target difficulty hashing puzzle. A block in PoS is added to the chain by selecting a random validator node to propose a block. A second set of validators is then randomly chosen to verify that validator’s proposed block.\u003c/li\u003e\u003cli\u003eEthereum PoW has “miners” responsible for block verification + addition. Ethereum PoS has “validators” responsible for block verification + addition. Miners earn rewards for finding a valid target hash solution, validators earn rewards by constructing a block when chosen at random to do so.\u003c/li\u003e\u003cli\u003eTo add blocks, Ethereum PoS does not require high energy consumption, while Ethereum PoW requires extreme energy usage in order to perform hash computations rapidly. Estimates place the PoS energy requirement to be ~99.95% less than PoW.\u003c/li\u003e\u003cli\u003eThe capital at stake in PoW is a person’s time, hardware and electricity. The capital at stake in PoS is a person’s time + their 32 ETH. Given the game theory design, honest actors stand to gain more than dishonest ones.\u003c/li\u003e\u003cli\u003eThe rate of PoW blocks is determined by the network difficulty, usually fine-tuned to aim\u003cstrong\u003e \u003c/strong\u003efor a specific time — which it can go over or under. A valid target hash can take a variable amount of time to find. The rate of PoS blocks is a fixed tempo. Time in PoS Ethereum is divided into slots (12 seconds) and epochs (32 slots). There are various mechanics that function based on this fixed tempo, for example: every slot, a committee of validators is randomly selected and charged with voting on whether the block proposed by another random validator is valid.\u003c/li\u003e\u003c/ul\u003e\u003ch3 id=\"strong-ethereum-pos-terms-concepts-to-know-strong\"\u003e\u003cstrong\u003eEthereum + PoS Terms \u0026amp; Concepts to Know\u003c/strong\u003e\u003c/h3\u003e\u003cul\u003e\u003cli\u003e\u003cstrong\u003eValidator\u003c/strong\u003e: as a validator, you’ll be responsible for storing data, processing transactions and adding new blocks to the blockchain — doing this will require 32 $ETH stake + active hardware + software client. Validators are expected to maintain sufficient hardware and internet connectivity in order to gain rewards via block validation/proposal.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eSlashing\u003c/strong\u003e: malicious behavior from a validator can result in that validator’s stake getting “slashed” or subtracted from, in ever-increasing amounts (remember that you can get slashed even for non-malicious behaviors such as your node going offline!).\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eSlot\u003c/strong\u003e: 12 seconds.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eEpoch\u003c/strong\u003e: 32 slots.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eMainnet\u003c/strong\u003e: Ethereum’s current “true” chain running on PoW consensus. As opposed to a test network like Göerli, Ether is worth real money on this network.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eEthereum client\u003c/strong\u003e: software package run by Ethereum nodes that consists of two layers: execution and consensus. The node running the client could either be a full node or a mining node.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eExecution layer\u003c/strong\u003e: layer of Ethereum client responsible for the execution of transactions and state management. This is where the EVM runs operation codes and programming logic. Execution clients include: Geth, Erigon and Nethermind.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eConsensus layer\u003c/strong\u003e: layer of Ethereum client responsible for consensus. This is where the rules on what makes a block or transaction valid live. Consensus clients for the Beacon Chain include Lighthouse, Prysm and Teku.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eThe Beacon Chain\u003c/strong\u003e: Separate proof-of-stake blockchain created on Dec. 1, 2020. It exists completely parallel to Ethereum’s Mainnet and has been in production since it was created, used for testing. Once ready, it will become the new consensus engine on which future Ethereum transactions get executed.\u003c/li\u003e\u003c/ul\u003e\u003ch3 id=\"strong-ok-so-what-is-the-merge-strong\"\u003e\u003cstrong\u003eOk, So What Is The Merge?\u003c/strong\u003e\u003c/h3\u003e\u003cp\u003eNow that we’ve covered a lot of important terms and context above, understanding what the heck “The Merge” is should be easier.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e“The Merge” is the final step in Ethereum’s broader plan to completely move off of PoW consensus and adopt PoS, or proof-of-stake.\u003c/strong\u003e\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cimg src=\"https://academy-public.coinmarketcap.com/optimized-uploads/968a8e6504cf4a67855e4f9cd3cfbc72.png\"/\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003eEthereum’s transition to proof-of-stake was originally divided into two major parts (excluding hard forks like Berlin and London, which occurred as general upgrades to pre-Merge Ethereum):\u003c/p\u003e\u003cp\u003e1. \u003cstrong\u003eLaunching the Beacon Chain\u003c/strong\u003e. The Beacon Chain a separate parallel PoS blockchain that was used to run tests without affecting the Ethereum Mainnet or the hundreds of billions of dollars secured on it. Another important reason for launching the Beacon Chain ahead of the official merge was to give enough time for stakers to stake — there needs to be enough staked ETH to sufficiently secure the network.\u003ca href=\"https://launchpad.ethereum.org/en/\"\u003e At the time of writing, the Beacon Chain holds 14,000,434 ETH\u003c/a\u003e.\u003c/p\u003e\u003cp\u003e2. \u003cstrong\u003eThe Merge. \u003c/strong\u003eThe merging of the consensus layer of the Beacon Chain with the EVM state of the Ethereum Mainnet.\u003c/p\u003e\u003cp\u003eSince\u003ca href=\"https://etherscan.io/block/0\"\u003e its first genesis block\u003c/a\u003e, proof-of-work has secured the Ethereum Mainnet. And since 2020, the Beacon Chain has lived in parallel with but separate to Ethereum, running the modified proof-of-stake consensus layer. Currently, an Ethereum node runs a client that combines both the EVM-powered execution layer and the PoW-powered consensus layer.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eWhen The Merge occurs, Ethereum’s current PoW-powered consensus layer will be switched out for proof-of-stake consensus. Ethereum’s state and transaction history will remain exactly the same. If you are currently a liquidity provider on Uniswap, you will still be one on the proof-of-stake Ethereum system; the only difference is that the system on which you are on an LP will be secured by proof-of-stake consensus instead of proof-of-work.\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eThe Merge will effectively change the way Ethereum clients currently bundle execution and consensus layers together, separating them out into their own separate clients. This means a PoS Ethereum full node can run a client with: Geth (execution) + Lighthouse (consensus) — or any variation of the execution/consensus clients possible. And it will do all of this in real-time.\u003c/p\u003e\u003ch3 id=\"strong-ok-the-merge-is-the-final-step-in-the-ethereum-upgrade-to-proof-of-stake-but-what-actually-happens-strong\"\u003e\u003cstrong\u003eOk, The Merge Is the Final Step in the Ethereum Upgrade to Proof-of-Stake, But What Actually Happens?\u003c/strong\u003e\u003c/h3\u003e\u003cp\u003eAt the time of the merge, execution clients like Geth will start listening to blocks coming from the PoS chain — aka, the Beacon Chain. The “trigger” for this switch will be determined by a new network variable (implemented by upgrades) called \u003cstrong\u003eTerminal_Total_Difficulty\u003c/strong\u003e, which represents the sum of the PoW difficulty of every block accumulated on the Ethereum PoW chain.\u003c/p\u003e\u003cp\u003ePoW Ethereum will transition to PoS Ethereum when the \u003cstrong\u003eTotal Terminal Difficulty\u003c/strong\u003e reaches a count of \u003cstrong\u003e58,750,000,000,000,000,000,000\u003c/strong\u003e.\u003c/p\u003e\u003cp\u003eAt\u003ca href=\"https://etherscan.io/block/15347593\" rel=\"nofollow\"\u003e the latest block at time of writing (#15347593)\u003c/a\u003e, the total difficulty is 56,438,897,354,985,249,320,571 — which means we have two sextillion worth of PoW difficulty to go until The Merge.\u003ca href=\"https://bordel.wtf/\" rel=\"nofollow\"\u003e https://bordel.wtf/\u003c/a\u003e is a live countdown tool that estimates the target TTD will be reached on September 15th.\u003c/p\u003e\u003cp\u003eSo there you have it. After reading this article, you should be familiar with all of the important terms and concepts related to blockchain consensus systems, particularly for proof-of-work and proof-of-stake. When someone asks you what the heck The Merge is, the natural one-answer should be: “The final step in the process of Ethereum transitioning from PoW to PoS security model.”\u003c/p\u003e\u003cp\u003eIs this change risky? Sure! Proof-of-work is a battle-tested security model that has given Bitcoin almost-perfect uptime for over almost two decades. Proof-of-stake, on the other hand, is a fairly new and more complex security model. It remains to be seen whether the model will do well to secure the hundreds of billions of dollars on the Ethereum network.\u003c/p\u003e\u003cp\u003eOnce Ethereum reaches its proof-of-stake milestone, there are many more upgrades down the line that are intended to help Ethereum increase scaling and further decentralization. These next milestones include:\u003c/p\u003e\u003cp\u003e1. \u003cstrong\u003eThe Merge\u003c/strong\u003e: PoW Ethereum dies, PoS Ethereum begins (upcoming on Sept. 15th)\u003c/p\u003e\u003cp\u003e2. \u003cstrong\u003eThe Surge\u003c/strong\u003e: sharding to help scalability, particularly for rollups (TBD)\u003c/p\u003e\u003cp\u003e3. \u003cstrong\u003eThe Verge\u003c/strong\u003e: stateless clients, making Ethereum nodes easier to run (TBD)\u003c/p\u003e\u003cp\u003e4. \u003cstrong\u003eThe Purge\u003c/strong\u003e: technical debt elimination + eliminating historical data (TBD)\u003c/p\u003e\u003cp\u003e5. \u003cstrong\u003eThe Splurge\u003c/strong\u003e: extra features, goodies (TBD)\u003c/p\u003e\u003cp\u003eWhat do you think? Will Ethereum’s “upgrade” to a new security model serve it well? Should they have just stayed with PoW consensus, given that is a seemingly reliable security model? Will this make Ethereum adoption mainstream or hurt it in the long run?\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eCoinMarketCap Academy\u003c/strong\u003e will write a series of articles just like this one for each of the subsequent steps after The Merge, stay tuned! Find more of our Merge series \u003ca href=\"https://coinmarketcap.com/alexandria/author/ernesto-frontera\"\u003ehere\u003c/a\u003e in the future. \u003c/p\u003e\u003cp\u003e\u003cem\u003eA special thank you to \u003cstrong\u003e\u003ca href=\"https://twitter.com/cryptopunk6068\" rel=\"nofollow\"\u003eCryptoPunk 6068\u003c/a\u003e\u003c/strong\u003e for lending his research expertise to write this article.\u003c/em\u003e\u003c/p\u003e","disclaimer":"This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.\n\nThis article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. \n\nThe views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.\n\nCoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.","language":"en","created_at":"2022-08-16T00:22:44.000Z","updated_at":"2022-08-19T10:17:06.000Z","reading_time":601250,"likes":71,"shares":203,"srd":false,"related":[{"id":"6721e78c24978c1bf75624e5","title":"The Evolution of Blockchain Gaming: A Deep Dive into Seraph","slug":"the-evolution-of-blockchain-gaming-a-deep-dive-into-seraph","meta":"Seraph: In the Darkness is a blockchain-based 3D action RPG that successfully blends traditional gaming with Web3 features.","image":{"original":"uploads/a61f1b68d80c49a69498f1a5a208b0ee.png","optimized":"optimized-uploads/a61f1b68d80c49a69498f1a5a208b0ee.png","thumbnail":"thumbnail-uploads/a61f1b68d80c49a69498f1a5a208b0ee.png"},"language":"en","created_at":"2024-10-30T08:00:11.908Z","reading_time":323000,"categories":[{"id":"63637417847d336a2db377fa","title":"Tech Deep Dives","description":"The crypto industry is rapidly changing — that’s what makes it so much fun, but it can become easy to get lost in the whirl of new technologies. CMC’s tech deep dives are here to help.","language":"en","slug":"tech-deep-dives","icon":"https://academy-public.coinmarketcap.com/optimized-uploads/c4d4081206a54bc29287837d9ad6facf.png"}],"author":{"name":"CoinMarketCap","bio_summary":"I'm CoinMarketCap — you've probably heard of me.","slug":"coinmarketcap","image":{"original":"uploads/f261437425d54805adb1ff0313b8ce67.jpeg","optimized":"optimized-uploads/f261437425d54805adb1ff0313b8ce67.jpeg","thumbnail":"thumbnail-uploads/f261437425d54805adb1ff0313b8ce67.jpeg"}}},{"id":"67179baa63b6001560e2a900","title":"Why Traders Are Flocking to Hyperliquid","slug":"what-is-hyperliquid","meta":"A custom blockchain powered Hyperliquid's rapid rise to $1B daily trading volumes.","image":{"original":"uploads/0255b490b6e74e76a58b9f07e5bc04db.jpeg","optimized":"optimized-uploads/0255b490b6e74e76a58b9f07e5bc04db.jpeg","thumbnail":"thumbnail-uploads/0255b490b6e74e76a58b9f07e5bc04db.jpeg"},"language":"en","created_at":"2024-10-22T13:59:52.583Z","updated_at":"2024-10-23T10:17:02.526Z","reading_time":319000,"categories":[{"id":"63637417847d336a2db377fa","title":"Tech Deep Dives","description":"The crypto industry is rapidly changing — that’s what makes it so much fun, but it can become easy to get lost in the whirl of new technologies. CMC’s tech deep dives are here to help.","language":"en","slug":"tech-deep-dives","icon":"https://academy-public.coinmarketcap.com/optimized-uploads/c4d4081206a54bc29287837d9ad6facf.png"}],"author":{"name":"0xKira","bio_summary":"I am a crypto enthusiast with my main focus in the Wild West that is DeFi.","slug":"0xkira","image":{"original":"uploads/62ec94d67a8a4c7981bc08ae72a54559.jpeg","optimized":"optimized-uploads/62ec94d67a8a4c7981bc08ae72a54559.jpeg","thumbnail":"thumbnail-uploads/62ec94d67a8a4c7981bc08ae72a54559.jpeg"}}},{"id":"6707f3b4c97e444bf63282f6","title":"What Is Scroll? The Bytecode-Level EVM-Compatible zkEVM Chain","slug":"what-is-scroll-the-bytecode-level-evm-compatible-zkevm-chain","meta":"Scroll, an EVM-compatible zk-rollup scaling solution for Ethereum, launches its SCR token with an airdrop and Binance Launchpool event, aiming to address blockchain scalability issues.","image":{"original":"uploads/ebebe1414089452bb80f2ace71cdeb30.jpg","optimized":"optimized-uploads/ebebe1414089452bb80f2ace71cdeb30.jpg","thumbnail":"thumbnail-uploads/ebebe1414089452bb80f2ace71cdeb30.jpg"},"language":"en","created_at":"2024-10-10T15:33:07.447Z","reading_time":226000,"categories":[{"id":"63637417847d336a2db377fa","title":"Tech Deep Dives","description":"The crypto industry is rapidly changing — that’s what makes it so much fun, but it can become easy to get lost in the whirl of new technologies. CMC’s tech deep dives are here to help.","language":"en","slug":"tech-deep-dives","icon":"https://academy-public.coinmarketcap.com/optimized-uploads/c4d4081206a54bc29287837d9ad6facf.png"}],"author":{"name":"0xKira","bio_summary":"I am a crypto enthusiast with my main focus in the Wild West that is DeFi.","slug":"0xkira","image":{"original":"uploads/62ec94d67a8a4c7981bc08ae72a54559.jpeg","optimized":"optimized-uploads/62ec94d67a8a4c7981bc08ae72a54559.jpeg","thumbnail":"thumbnail-uploads/62ec94d67a8a4c7981bc08ae72a54559.jpeg"}}}],"available_languages":["en","de","es","id","pt","ru","th","tr","uk","vi"],"difficulty":{"level":2,"label":"Moderate","slug":"intermediate","language":"en"},"categories":[{"id":"63637417847d336a2db37804","title":"Ethereum","description":"Here we cover all you need to know about Ethereum — the decentralized, open-source computing platform with smart contract functionality.","language":"en","slug":"ethereum","icon":"https://academy-public.coinmarketcap.com/optimized-uploads/f31fe09cd14a4146ab6d8da166210242.png"},{"id":"63637417847d336a2db377fa","title":"Tech Deep Dives","description":"The crypto industry is rapidly changing — that’s what makes it so much fun, but it can become easy to get lost in the whirl of new technologies. CMC’s tech deep dives are here to help.","language":"en","slug":"tech-deep-dives","icon":"https://academy-public.coinmarketcap.com/optimized-uploads/c4d4081206a54bc29287837d9ad6facf.png"}],"author":{"name":"Ernesto Frontera ","bio_summary":"I'm a blockchain researcher interested in the intersection of blockchain technology and human liberation.","slug":"ernesto-frontera","image":{"original":"uploads/68fa3c87844140cd8331718aaaf66a9d.jpg","optimized":"optimized-uploads/68fa3c87844140cd8331718aaaf66a9d.jpg","thumbnail":"thumbnail-uploads/68fa3c87844140cd8331718aaaf66a9d.jpg"}},"assets":[{"id":1027,"name":"Ethereum","symbol":"ETH","slug":"ethereum"}]},"tableOfContent":[{"label":"\u003cstrong\u003eImportant Context to Understand ‘The Merge’\u003c/strong\u003e","slug":"header-0"},{"label":"\u003cstrong\u003eConsensus Mechanisms\u003c/strong\u003e","slug":"strong-consensus-mechanisms-strong"},{"label":"\u003cstrong\u003eThere Are Many Levels to Consensus\u003c/strong\u003e","slug":"strong-there-are-many-levels-to-consensus-strong"},{"label":"\u003cstrong\u003eProof-of-Stake = Another Consensus Mechanism\u003c/strong\u003e","slug":"strong-proof-of-stake-another-consensus-mechanism-strong"},{"label":"\u003cstrong\u003eEthereum + Proof-of-Stake\u003c/strong\u003e","slug":"strong-ethereum-proof-of-stake-strong"},{"label":"\u003cstrong\u003eEthereum PoS vs Ethereum PoW Concepts to Know\u003c/strong\u003e","slug":"strong-ethereum-pos-vs-ethereum-pow-concepts-to-know-strong"},{"label":"\u003cstrong\u003eEthereum + PoS Terms \u0026amp; Concepts to Know\u003c/strong\u003e","slug":"strong-ethereum-pos-terms-concepts-to-know-strong"},{"label":"\u003cstrong\u003eOk, So What Is The Merge?\u003c/strong\u003e","slug":"strong-ok-so-what-is-the-merge-strong"},{"label":"\u003cstrong\u003eOk, The Merge Is the Final Step in the Ethereum Upgrade to Proof-of-Stake, But What Actually Happens?\u003c/strong\u003e","slug":"strong-ok-the-merge-is-the-final-step-in-the-ethereum-upgrade-to-proof-of-stake-but-what-actually-happens-strong"}],"chartbeatProps":{"authors":"Ernesto Frontera ","sections":"Ethereum,Tech Deep Dives"}},"locale":"en","i18n":{"2020 has been an eventful year, from the Bitcoin halving to the “DeFi Summer Wave” to surges in Bitcoin’s price due to the large influx of “traditional\" institutional investors. Who are the most influential people in crypto in 2020? Which are the most innovative, impactful \u0026 interesting projects in 2020?":"2020 has been an eventful year, from the Bitcoin halving to the “DeFi Summer Wave” to surges in Bitcoin’s price due to the large influx of “traditional\" institutional investors. Who are the most influential people in crypto in 2020? Which are the most innovative, impactful \u0026 interesting projects in 2020?","Loading...":"Loading...","Copied!\"));":"Copied!\"));","Find what fascinates you as you explore crypto":"Find what fascinates you as you explore crypto","Learn":"Learn","Learn all there is to know about blockchain, cryptocurrency, trading, and more. Get started by exploring all the content on CoinMarketCap Alexandria.":"Learn all there is to know about blockchain, cryptocurrency, trading, and more. Get started by exploring all the content on CoinMarketCap Alexandria.","Explore our content":"Explore our content","Find out the meaning of cryptocurrency and blockchain's hidden language with the CoinMarketCap glossary of terms.":"Find out the meaning of cryptocurrency and blockchain's hidden language with the CoinMarketCap glossary of terms.","Crypto Glossary | CoinMarketCap":"Crypto Glossary | CoinMarketCap","Who is {{name}}?":"Who is {{name}}?","CoinMarketCap Alexandria will house online both content about crypto written by our own researchers and employees, as well as articles by some of the best minds in the crypto space today.‍":"CoinMarketCap Alexandria will house online both content about crypto written by our own researchers and employees, as well as articles by some of the best minds in the crypto space today.‍","About CoinMarketCap Alexandria":"About CoinMarketCap Alexandria","Crypto \u0026 Blockchain Education":"Crypto \u0026 Blockchain Education","Most Influential People \u0026 Projects in 2020":"Most Influential People \u0026 Projects in 2020","Read our profiles of the leading crypto influencers, entrepreneurs, technologists, movers and shakers, in 2020.":"Read our profiles of the leading crypto influencers, entrepreneurs, technologists, movers and shakers, in 2020.","The Leading Crypto Influencers In 2020 | CoinMarketCap":"The Leading Crypto Influencers In 2020 | CoinMarketCap","Next":"Next","writer":"writer","Authors":"Authors","Read our profiles of the leading blockchain and crypto {{name}} in 2020.":"Read our profiles of the leading blockchain and crypto {{name}} in 2020.","The leading Crypto {{name}} in 2020 | CoinMarketCap":"The leading Crypto {{name}} in 2020 | CoinMarketCap","All Categories":"All Categories","Crypto Glossary":"Crypto Glossary","Latest articles by {{author}}":"Latest articles by {{author}}","Biography":"Biography","Everything you’ve ever wanted to know about crypto and more, brought to you by the number one crypto data aggregator, CoinMarketCap.":"Everything you’ve ever wanted to know about crypto and more, brought to you by the number one crypto data aggregator, CoinMarketCap.","Learn About Cryptocurrency.":"Learn About Cryptocurrency.","Alexandria’s authors range from CoinMarketCap employees and researchers to some of the best minds and projects in the crypto space.":"Alexandria’s authors range from CoinMarketCap employees and researchers to some of the best minds and projects in the crypto space.","Meet our Authors":"Meet our Authors","Subscribe":"Subscribe","Enter your email address":"Enter your email address","Join our free newsletter for daily crypto updates!":"Join our free newsletter for daily crypto updates!","Join the thousands already learning crypto!":"Join the thousands already learning crypto!","Latest Articles":"Latest Articles","See All":"See All","See all articles":"See all articles","Related Articles":"Related Articles","By {{author}}":"By {{author}}","{{time}}m":"{{time}}m","Home":"Home","Articles":"Articles","Looking to get started with cryptocurrency? Buy Bitcoin on Binance!":"Looking to get started with cryptocurrency? Buy Bitcoin on Binance!","Buy Bitcoin":"Buy Bitcoin","Was this article useful?":"Was this article useful?","{{count}} out of {{count}} people found this article useful.":"{{count}} out of {{count}} people found this article useful.","Yes":"Yes","No":"No","No noise. Just signal.":"No noise. Just signal.","Sign up for our weekly newsletter. We promise we don't spam!":"Sign up for our weekly newsletter. We promise we don't spam!","Your email":"Your email","Sign up":"Sign up","Explore all of our content":"Explore all of our content","Related topics":"Related topics","Share":"Share","Table of Contents":"Table of Contents","Topics at Academy":"Topics at Academy","Search topics to add...":"Search topics to add...","Reading time":"Reading time","{{count}}m":"{{count}}m","Layout":"Layout","Sort by Latest":"Sort by Latest","Sort by Difficulty":"Sort by Difficulty","Latest":"Latest","Read more":"Read more","See all results for your search":"See all results for your search","{{count}} results for '{{term}}'":"{{count}} results for '{{term}}'","Topics":"Topics","Difficulty":"Difficulty","Type":"Type","Glossary entries":"Glossary entries","Courses":"Courses","Hide filters":"Hide filters","Show filters":"Show filters","Refresh results":"Refresh results","Clear all filters":"Clear all filters","Show off your crypto knowledge":"Show off your crypto knowledge","Try out Academy Quizzes":"Try out Academy Quizzes","Phishing quiz":"Phishing quiz","Glossary quiz":"Glossary quiz","Bitcoin history quiz":"Bitcoin history quiz","We're working on getting more quizzes ready.":"We're working on getting more quizzes ready.","While you're waiting, why not check out our latest content?":"While you're waiting, why not check out our latest content?","Cryptocurrencies have brought lots of exciting possibilities, but they are full of risks and dangers for the inexperienced.":"Cryptocurrencies have brought lots of exciting possibilities, but they are full of risks and dangers for the inexperienced.","How well do you know the origins of Bitcoin and its journey since inception? Take the Binance Academy Bitcoin History quiz to find out how much you know!":"How well do you know the origins of Bitcoin and its journey since inception? Take the Binance Academy Bitcoin History quiz to find out how much you know!","Think you know crypto? Take our crypto glossary quiz.":"Think you know crypto? Take our crypto glossary quiz.","Take the quiz":"Take the quiz","This quiz has {{count}} questions.":"This quiz has {{count}} questions.","I am a complete beginner and just started exploring Binance Academy. Let me test my basic knowledge":"I am a complete beginner and just started exploring Binance Academy. Let me test my basic knowledge","I am a frequent visitor of Binance Academy and am quite familiar with some terms, but still on my path to true knowledge.":"I am a frequent visitor of Binance Academy and am quite familiar with some terms, but still on my path to true knowledge.","I have learned enough at Binance Academy. My knowledge base is wide and I feel ready to be challenged.":"I have learned enough at Binance Academy. My knowledge base is wide and I feel ready to be challenged.","Select a suitable level of difficulty.":"Select a suitable level of difficulty.","Q{{count}}/{{count}}":"Q{{count}}/{{count}}","Phishing":"Phishing","Legitimate":"Legitimate","Quizzes":"Quizzes","Quiz difficulty selection":"Quiz difficulty selection","LEARN ALL ABOUT":"LEARN ALL ABOUT","Blockchain \u0026 Crypto":"Blockchain \u0026 Crypto","Your one-stop guide to all things crypto. Whether you're a rookie trying to understand mining or a veteran looking to develop a trading strategy, we've got you covered.":"Your one-stop guide to all things crypto. Whether you're a rookie trying to understand mining or a veteran looking to develop a trading strategy, we've got you covered.","Featured":"Featured","Beginner":"Beginner","Intermediate":"Intermediate","Advanced":"Advanced","{{count}} minutes":"{{count}} minutes","{{count}} minutes ago":"{{count}} minutes ago","{{count}} hours ago":"{{count}} hours ago","{{count}} days ago":"{{count}} days ago","Latest releases":"Latest releases","SEE ALL LATEST RELEASES":"SEE ALL LATEST RELEASES","Full definition":"Full definition","Glossary addition":"Glossary addition","Explore all the latest content":"Explore all the latest content","Lost in all the crypto slang?":"Lost in all the crypto slang?","Take a closer look at our blockchain \u0026 crypto glossary.":"Take a closer look at our blockchain \u0026 crypto glossary.","Check out Glossary":"Check out Glossary","Up for an adventure?":"Up for an adventure?","Learn while you test your knowledge with a range of quizzes.":"Learn while you test your knowledge with a range of quizzes.","Take a crypto quiz":"Take a crypto quiz","Trading":"Trading","SEE ALL TRADING CONTENT":"SEE ALL TRADING CONTENT","See more content about this topic":"See more content about this topic","No idea what you just scrolled through?":"No idea what you just scrolled through?","Not to worry. Our no-nonsense beginner's guide will get you up to speed.":"Not to worry. Our no-nonsense beginner's guide will get you up to speed.","Get started here":"Get started here","Essentials":"Essentials","SEE ALL ESSENTIALS CONTENT":"SEE ALL ESSENTIALS CONTENT","Blockchain":"Blockchain","SEE ALL BLOCKCHAIN CONTENT":"SEE ALL BLOCKCHAIN CONTENT","Keep an eye on Bitcoin":"Keep an eye on Bitcoin","Every four years, the Bitcoin rewards are slashed in half. Find out why on the Halving page.":"Every four years, the Bitcoin rewards are slashed in half. Find out why on the Halving page.","Bitcoin halving page":"Bitcoin halving page","Got questions?":"Got questions?","We totally understand. That's why we've built a platform to answer them.":"We totally understand. That's why we've built a platform to answer them.","Go to Ask Academy":"Go to Ask Academy","Guides":"Guides","SEE ALL GUIDES":"SEE ALL GUIDES","Weekly pick":"Weekly pick","{{count}}":"{{count}}","That's the number of terms in our glossary. How many do you know?":"That's the number of terms in our glossary. How many do you know?","Search glossary":"Search glossary","Get the latest in crypto dropped to your email, every week.":"Get the latest in crypto dropped to your email, every week.","Glossary":"Glossary","The Words of Crypto":"The Words of Crypto","Time to understand the language":"Time to understand the language","Search terms here...":"Search terms here...","Can't find what you're looking for?":"Can't find what you're looking for?","Whoops. Our bad. Please help us make our glossary better by submitting new terms.":"Whoops. Our bad. Please help us make our glossary better by submitting new terms.","Submit terms":"Submit terms","Community submission":"Community submission","Author:":"Author:","Start here":"Start here","Discover":"Discover","Log In":"Log In","Register":"Register","Search":"Search","Ask Academy":"Ask Academy","Blockchain forum and Q\u0026A":"Blockchain forum and Q\u0026A","Crypto-terms glossary":"Crypto-terms glossary","Test your knowledge":"Test your knowledge","Have a product idea or feedback?":"Have a product idea or feedback?","Contribute":"Contribute","New to Crypto?":"New to Crypto?","See our beginner content.":"See our beginner content.","Products":"Products","Exchange":"Exchange","Access":"Access","Academy":"Academy","BCF":"BCF","Card":"Card","Labs":"Labs","Launchpad":"Launchpad","Research":"Research","Trust Wallet":"Trust Wallet","Company":"Company","Terms \u0026 Conditions":"Terms \u0026 Conditions","Privacy Policy":"Privacy Policy","Disclaimer":"Disclaimer","Content Request":"Content Request","Submission Guide":"Submission Guide","Feedback":"Feedback","Bitcoin Halving Countdown":"Bitcoin Halving Countdown","Bitcoin Halving Timer":"Bitcoin Halving Timer","Days":"Days","Hours":"Hours","Minutes":"Minutes","Seconds":"Seconds","Current block height":"Current block height","Blocks until halving":"Blocks until halving","BTC Price":"BTC Price","Buy Bitcoin on Binance":"Buy Bitcoin on Binance","Detailed datasheet":"Detailed datasheet","Total BTC in circulation":"Total BTC in circulation","Total BTC to ever be produced":"Total BTC to ever be produced","Percentage of BTC mined":"Percentage of BTC mined","BTC left to mine until halving":"BTC left to mine until halving","BTC market cap (USD)":"BTC market cap (USD)","BTC generated each day":"BTC generated each day","BTC annual inflation rate":"BTC annual inflation rate","BTC daily inflation":"BTC daily inflation","Approximate block time":"Approximate block time","Mining difficulty":"Mining difficulty","Hash rate":"Hash rate","Community":"Community","{{count}}h ago":"{{count}}h ago","{{count}}d ago":"{{count}}d ago","{{count}}w ago":"{{count}}w ago","Crypto \u0026 Blockchain Education | Blockchain Course":"Crypto \u0026 Blockchain Education | Blockchain Course","Blockchain and crypto asset exchange":"Blockchain and crypto asset exchange","Blockchain and crypto education":"Blockchain and crypto education","Blockchain charity foundation":"Blockchain charity foundation","Cryptocurrency Information":"Cryptocurrency Information","Incubator for top blockchain projects":"Incubator for top blockchain projects","Institutional-grade analysis and reports":"Institutional-grade analysis and reports","Binance's official crypto wallet":"Binance's official crypto wallet","Token Launch Platform":"Token Launch Platform","Binance Academy's Blockchain and Crypto Glossary is the authoritative source for terminology and definitions of the blockchain and cryptocurrency world":"Binance Academy's Blockchain and Crypto Glossary is the authoritative source for terminology and definitions of the blockchain and cryptocurrency world","Learn about blockchain, cryptocurrency, security, technology and more with entirely free videos, articles, and online courses all on Binance Academy.":"Learn about blockchain, cryptocurrency, security, technology and more with entirely free videos, articles, and online courses all on Binance Academy.","Interested in learning about blockchain, cryptocurrency, security, technology, or following along with tutorials? Binance Academy has all that and more!":"Interested in learning about blockchain, cryptocurrency, security, technology, or following along with tutorials? Binance Academy has all that and more!","Binance Academy playlists provide content from beginner to advanced, you can follow along curated list of articles designed to make it easy to understand":"Binance Academy playlists provide content from beginner to advanced, you can follow along curated list of articles designed to make it easy to understand","The bitcoin block reward halving occurs once every 4 years on average, learn the significance of the bitcoin halving and when the next one will occur.":"The bitcoin block reward halving occurs once every 4 years on average, learn the significance of the bitcoin halving and when the next one will occur.","Want to test yourself? Check out Binance Academy Quizzes and test how much you have learned about Blockchain, Cryptocurrency, Security, and Economics.":"Want to test yourself? 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