Believing Ethereum Merge-related rumors? Read this for clarity

ambcrypto.com:

The Ethereum [ETH] community’s excitement is increasing as the much-talked-about Merge is closer.

Scheduled to happen in mid-September 2022, there seem to be many misconceptions and misinformation around the same.

The Ethereum Foundation thus, recently published a blog pointing out several misconceptions and providing clarity on the same. 

A noteworthy rumor that Merge will reduce the gas fees of the Ethereum network was addressed in the blog. Well, according to Crypto.com, the standard gas fee at the time of writing was 30 GWEI.

Source: Crypto.com

The organization said that while switching from proof-of-work (PoW) to proof-of-stake (PoS), network performance or capacity are not directly altered. Therefore, gas fees will not be reduced after the Merge.

Furthermore, word on the street was that the Merge would increase the transaction speed of the Ethereum network.

That too seemed to be inaccurate as the transaction speed will remain the same in the Ethereum network’s layer-1.

However, a slight reduction is possible as the goal for PoW was a new block every 13.3 seconds. On the beacon chain, slots happen after every 12 seconds.

The Ethereum Foundation further mentioned,

“On proof-of-stake blocks will be produced ~10% more frequently than on proof-of-work. This is a fairly insignificant change and is unlikely to be noticed by users.”

Amidst the hype of the Merge, new information presented by the Ethereum Foundation provided enthusiasts with much-needed clarification.

Earlier, there was not enough light thrown on the aforementioned topic. Nevertheless, the excitement around Merge has helped the token gain upward momentum.

ETH grew nearly 89% since July. At the time of writing, the altcoin king was trading at $1,847 with a market