ECO: The future of cryptocurrency is at stake after the Ethereum merger

The British newspaper, The Economist, published an article in which it talked about the future of cryptocurrencies after the improvements that will occur in the Ethereum currency.

The newspaper said, in its report, which was translated by "Arabi 21", that there was a call on the Zoom application for "core developers" at two o'clock in the evening UTC on August 18; Where everyone from all over the world can watch it, which is broadcast live on YouTube.

They call it a merge because for about two years there has been a separate proof-of-stake blockchain, called the Bacon chain, hovering around the original Ethereum for developers to test, improve, and retest again. The date and timing of the event depending on how much computer power is used to support the blockchains, but it should happen around 1 a.m. on September 15th.

The newspaper pointed out that this update is not just a technical modification, but rather a comprehensive overhaul of a program that has been running for seven years, which will be carried out - if everything goes as planned - without interruption.

in contrast; The stake proof would require 99.9 percent less energy consumption, which would have a huge impact on emissions as if the Netherlands were shut down overnight. Most importantly, if the merger succeeds; This would signify that Ethereum has the potential for self-improvement, opening the door to more comprehensive changes.

The newspaper added that cryptocurrencies need good news, as the past year has been difficult; As many have discovered that stablecoin is not really stable, the total market capitalization of cryptocurrencies has crashed to around $1 trillion, nearly $2 trillion less than it was at this time last year.

The paper shows that improvements to Ethereum will not undo this devastation, but by reducing its environmental impact and highlighting the potential for future improvements, it does suggest that cryptocurrencies have a brighter future than many are now predicting.

And the newspaper went on, to say that Ethereum - like Bitcoin - also has a large database of all tr
ansactions that have ever been made in cryptocurrency, but Ethereum can record currency transfers, and for all assets and functions that are held in “smart contracts”, which are self-executing agreements in which it is followed A series of actions when certain conditions are met.

All decisions about what to do, and whether updates will be implemented, are made by consensus among developers, Ethereum owners, and people who have built Ethereum-powered applications or listed real assets on the blockchain, and any plans and tokens are published in real-time. On GitHub, anyone can in theory become a core developer just by working on the software.

Some developers work for the Ethereum Foundation, a non-profit
organ anization founded in Switzerland, in 2014, others are hobbyists who were motivated to help because they own any type of cryptocurrency, and at least 122 developers in 30 countries have worked on the integration programs.