ChangeNOW, The Merge, and Forked ETH Tokens

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The Merge, one of the most important and most sought-after Ethereum software upgrades is around the corner! In fact, it is scheduled for around the 15th of September! 

The upgrade should speed up transactions a bit, introduce a more eco-friendly version of the second biggest cryptocurrency, and make a switch from minting to staking. No wonder why the crypto crowd is so excited about the upcoming overhaul. 

Bellatrix hard fork, which was supposed to prepare the chain for The Merge, occurred two days ago, on the 6th of September. The next stage that is about to happen in the next few days is called Paris and it will really set the stage for the PoW (Proof-of-Work) to PoS (Proof-of-Stake) transition.

At first and all until 2016, Ethereum used the PoW consensus mechanism. Yet, after the DAO attack, Ethereum was split into PoW and PoS forks. Ethereum has been using a PoW mechanism, the same mechanism Bitcoin was using, to regulate the creation of new blocks on the network that requires members of the network to practically compete with each other on who is going to solve the complex mathematical task faster. 

On the other hand, PoS hands over the control of the network to holders, although the asset-rich ones in the first place (the ones that have more than 32 ETH tokens staked) have a greater chance of being the next ones to add copies of their ledger to the blockchain. 

In either system, PoW or PoS, miners are rewarded with newly minted tokens and transaction fees. However, PoS also makes it possible for validators to get rewarded for helping secure the network and other tasks. The Merge will literally merge the two