Ethereum gets Bellatrix upgrade today. What changes with ‘The Merge?’

livemint.com:

The eagerly awaited upgrade to Ethereum 2.0 is about to begin on the Ethereum blockchain. The hard fork (a separation process) that converts Ethereum (ETH) from a proof-of-work (PoW) base to a proof-of-stake (PoS) basis is known as Ethereum 2.0.

Although the Ethereum Foundation does not actually use the term "Ethereum 2.0," it is frequently used in the sector for better comprehension.

One of the steps in the update procedure, called "The merge," is scheduled between September 10 and 20.

Prior to the final merge, the Bellatrix update for ETH is scheduled today, when the Ethereum Epoch value is anticipated to rise to 144,896 on the proof-of-stake chain.

The time it takes to mine 30,000 blocks is one epoch, according to the Ethereum Foundation.

The Bellatrix update is necessary for "the Merge" to go off without a hitch.

This upgrade consolidates the proof-of-stake chain with the current execution layer and is the last before the Paris Upgrade, which will occur after "the Merge" (current proof-of-work).

The Paris Upgrade will put a stop to Ethereum Blockchain mining and signal the switch from a proof-of-work validation system to a proof-of-stake validation mechanism.

The proof-of-work (PoW) approach was used to construct the Ethereum network, just like Bitcoin. This indicates that mining, which consumes a significant amount of energy, is required to create the Ethereum (ETH) coin.

But with Ethereum 2.0, which launched in 2020, several steps have been taken to switch to a proof-of-stake (PoS) paradigm. The goal is to increase the Ethereum network's speed, effectiveness, and scalability so that more transactions may be executed concurrently.

From the current 20 transactions per second, capacity will be increased to 1,000–1,500