cryptocurrency

Next Ethereum ‘merge’ update won’t break petrol fees

  • Updating the Ethereum “merge” will not reduce gas fees.
  • The team is working to fix all the misconceptions arising from the upcoming upgrade.
  • Merge’s PoS Consensus It will have superior blockchain security mechanisms.

The Ethereum community is set to release an update called “Merge” on its network. While it is in its final stage, there are many misconceptions that are increasing with many update functions. Now the entire Ethereum team is flagging and fixing all the assumptions spread in the update. One is that the “merging” will lower gas charges.

But it is a wrong statement. Obviously, the next update won’t detail any petrol charges. The transaction speed on Ethereum will also remain the same as in Layer 1. Thus a clear note is made by the Ethereum team to its users.

The merger will not reduce gas fees

To get in depth knowledge, a “merge” is a change in the existing Ethereum layer that switches from Proof of Work to Proof of Stake consensus (beacon chain). Moreover, it is indicated that the “merging” – the biggest update is just a change in the mechanism.

Additionally, to be clearer, any changes to gas tariffs will reflect on community capacity. Here, the update just changes from PoW to PoS with its new consensus – Beacon Chain. So the team advises that “merging” cannot change any parameters that affect network capacity.

Likewise there are many Misconceptions arising from “integration”Despite the high expectations among the community. Most importantly, since users expect lower fees for gas, they can take advantage of layer2 solutions. Because there are notable efforts being taken to expand the scope of Layer 2 activities.

Regarding these misconceptions issues, DeFi trader, Vivek Raman, shared some points on his tweets for low gas fees in an Ethereal update.