CRYPTOCURRENCY UPDATES: THE MERGE IS ANTICIPATED BY AUSTRALIAN ETHEREUM FANS.

THE MERGE IS ANTICIPATED BY AUSTRALIAN ETHEREUM FANS.
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WHY THE MERGE IS ANTICIPATED BY AUSTRALIAN ETHEREUM FANS? WE WILL SEE IT IN DETAIL.

OVERVIEW OF THE MERGE IS ANTICIPATED BY AUSTRALIAN ETHEREUM FANS:

THE AUSTRALIAN CRYPTOCURRENCY COMMUNITY IS PREPARED FOR THE BIGGEST BLOCKCHAIN EVENT IN YEARS.

IF NOTHING UNEXPECTEDLY DISASTROUS HAPPENS, ETHEREUM WILL “MERGE” THIS WEEK, SWITCHING FROM A NETWORK THAT CONSUMES A LOT OF ENERGY TO ONE THAT USES 99.9% LESS ENERGY.

THE MERGE IS ANTICIPATED BY AUSTRALIAN ETHEREUM FANS.
THE MERGE IS ANTICIPATED BY AUSTRALIAN ETHEREUM FANS

LACHLAN FEENEY, THE FOUNDER OF BRISBANE-BASED CONSULTANCY LABRYS, SAYS IT IS A SIGNIFICANT EVENT THAT RANKS WITH THE INVENTION OF BITCOIN AND BLOCKCHAIN.

TECHNICALLY SPEAKING, THIS TRANSITION FROM “PROOF OF WORK” TO “PROOF OF STAKE” HAD BEEN DISCUSSED BY ETHEREUM DEVELOPERS SINCE THE NETWORK’S INCEPTION IN 2015, ACCORDING TO HIM.

“WE JUST RECEIVED THIS UPGRADE FOR ETHEREUM, WHICH LAUNCHED SEVEN YEARS AGO.”

ETHEREUM, THE SECOND-LARGEST BLOCKCHAIN BY MARKET CAPITALIZATION AFTER BITCOIN, IS REGARDED AS THE MOST POPULAR.

IT IS A PIONEERING PLATFORM FOR NON-FUNGIBLE TOKENS, OR NFTS, AND DECENTRALIZED FINANCE. IT IS ALSO EMPLOYED FOR DATA STORAGE AND CRYPTO GAMING.

THE TERM “ETHEREUM MINERS” REFERS TO INDIVIDUALS WHO VALIDATE TRANSACTIONS USING A LOT OF COMPUTER PROCESSING POWER IN EXCHANGE FOR REWARDS.

INSTEAD, “VALIDATORS” WHO STAKE THEIR TOKENS AND RISK LOSING THEM FOR DISHONEST BEHAVIOR WILL HANDLE NETWORK TRANSACTIONS.

ACCORDING TO MR. FEENEY, LABRYS IS ORGANIZING A “MERGE PARTY” TO CELEBRATE THE UPGRADE FOR THE 43 BLOCKCHAIN CONSULTANTS WHO WORK IN ITS BRISBANE OFFICE. HOWEVER, THE EVENT HAS BEEN CHALLENGING TO ORGANIZE BECAUSE THE PRECISE TIMING OF THE MERGER IS UNKNOWN.

ON FRIDAY, ONLINE CALCULATORS PREDICTED IT WOULD HAPPEN IN THE EARLY HOURS OF THURSDAY MORNING SYDNEY TIME, THOUGH IT MIGHT HAPPEN A FEW HOURS LATER.

ACCORDING TO DAVID ANGLISS, AN ANALYST WITH APOLLO CAPITAL, A MELBOURNE-BASED CRYPTOCURRENCY INVESTMENT FUND, “ACTUALLY, WE HAVE A GOOD DEAL OF FAITH IN THE MERGER’S SUCCESS.”

THE COMPANY IS BEING CAUTIOUS ABOUT THE CHANGES, THOUGH.

CRYPTO IS A NEW ASSET CLASS THAT IS STILL VERY RISKY, ACCORDING TO MR. ANGLISS.

“THERE IS A LOT OF ANTICIPATION FOR MAJOR NEWS EVENTS, AND IT MAY GO EITHER WAY BECAUSE BITCOIN MARKETS OFTEN DECLINE ON POSITIVE NEWS.”

ACCORDING TO MR. FEENEY, THE CURRENT ETHEREUM NETWORK DISTRIBUTES $30 MILLION IN ETHER DAILY TO PAY THE MINERS, BUT THIS AMOUNT WILL BE REDUCED TO ALMOST NOTHING AFTER THE UPGRADE.

HE CLAIMED THAT AFTER A MERGER, THERE IS A SIGNIFICANT DIFFERENCE.

WHETHER THAT RESULTS IN A PRICE INCREASE FOR ETHER IS UNCERTAIN, THOUGH.

THE CRYPTOCURRENCY’S VALUE ON FRIDAY WAS $A2,480 PER TOKEN, WHICH WAS LESS THAN HALF OF ITS VALUE AT THE BEGINNING OF THE YEAR AND ABOUT ONE-THIRD OF ITS HIGH POINT IN NOVEMBER.

THE MERGER HAS ALLEGEDLY ALREADY BEEN FACTORED INTO MARKETS, ACCORDING TO MR. FEENEY.

ANOTHER DEFENSE IS THAT THE NETWORK CHANGES WILL SHOCK THE SUPPLY OF ETHER, DRIVING UP THE PRICE OF THE CRYPTOCURRENCY.

AS A SOCIAL NETWORK AND EDUCATIONAL PLATFORM FOR CRYPTOCURRENCY, MTC EDUCATION’S MICHAEL SLOGGETT SAYS HE’S INTERESTED IN SEEING WHAT WILL ENSUE AS THE NETWORK STOPS INFLATING.

I’M EAGER TO SEE WHAT FAVORABLE PRICE ACTION THAT PRODUCES WHEN THAT OVERNIGHT GLOBAL SELLING PRESSURE DISAPPEARS, HE SAYS.

THE TOP-10 COIN HAS NEVER DONE THIS BEFORE, YOU KNOW.

THE MERGE IS ANTICIPATED BY AUSTRALIAN ETHEREUM FANS.

ALTHOUGH HE IS BULLISH ON THE SECTOR OVER THE LONG TERM, MR. SLOGGETT THINKS THE CRYPTO MARKET IS STILL IN A VERY BEARISH PHASE AND VALUES WILL CONTINUE TO DECLINE.

ACCORDING TO HIM, ETHEREUM WILL CONTINUE TO HAVE EXCESSIVELY HIGH TRANSACTION FEES EVEN AFTER THE UPGRADE, MAKING IT “BROKEN FOR A SHORT PERIOD OF TIME.”

TO ADDRESS THIS AND OTHER ISSUES IN THE UPCOMING YEARS, DEVELOPERS HAVE PLANNED A NUMBER OF RHYMING NETWORK UPGRADES.

THESE CHANGES HAVE BEEN DUBBED THE SURGE, VERGE, PURGE, AND SPLURGE BY VITALIK BUTERIN, THE CO-CREATOR OF ETHEREUM, IN A TWIST THAT IS UNIQUE TO THE CRYPTO WORLD.

CONCLUSION ON THE MERGE IS ANTICIPATED BY AUSTRALIAN ETHEREUM FANS:

TO CONCLUDE, THE MERGE IS ANTICIPATED BY AUSTRALIAN ETHEREUM FANS. AS EHTEREUM IS SECOND LARGEST CRYPTO ITS MERGE IS ANTICIPATED BY AUSTRALIAN ETHEREUM FANS.

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CRYPTOCURRENCY UPDATES: THE MERGE IS ANTICIPATED BY AUSTRALIAN ETHEREUM FANS.

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