Safeheron Supports the Upcoming Ethereum Merge
09/06/2022
The Ethereum mainnet has been scheduled for TTD 58750000000000000000000 to merge with the Beacon Chain, approximately on September 15th, 2022 and upgrade from PoW to PoS.
The actual merge time will slightly change due to network conditions.
Safeheron will support The Merge
During The Merge, transaction status synchronization may delay or inaccurate. Please reasonably assess your business and pay attention to The Merge timely.
If you are operating a centralized business, Safeheron suggests you pause the deposit and withdrawal on your platform during The Merge, and resume them after Ethereum is successfully upgraded to PoS and the network is stable.
For other types of businesses, Safeheron suggests you follow up The Merge and take necessary measures per your business.
Safeheron will notify you immediately when Ethereum is successfully upgraded to PoS.
If you have any questions, please contact Safeheron Support at support@safeheron.com.
What are PoW and PoS?
PoW: Proof-of-work (PoW) is the mechanism that allows the decentralized Ethereum network to come to consensus, or agree on things like account balances and the order of transactions. This prevents users from "double spending" their coins and ensures that the Ethereum chain is tremendously difficult to attack or manipulate. As the underlying algorithm that sets the difficulty and rules for the work miners do. Mining is the "work" itself. It's the act of adding valid blocks to the chain. The more "work" done, the longer the chain, and the higher the block number, the more certain the network can be of the current state of things.
(source: https://ethereum.org/en/developers/docs/consensus-mechanisms/pow/)
PoS: Proof-of-stake (PoS) is a type of consensus mechanism used by blockchains to achieve distributed consensus. In proof-of-work, miners prove they have capital at risk by expending energy. In proof-of-stake, validators explicitly stake capital in the form of ether into a smart contract on Ethereum. This staked ether then acts as collateral that can be destroyed if the validator behaves dishonestly or lazily. The validator is then responsible for checking that new blocks propagated over the network are valid and occasionally creating and propagating new blocks themselves.
(source: https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/)
