In the next few days, the Ethereum Merge will take place. Ethereum will finally go from Proof-of-Work to Proof-of-Stake consensus algorithm. The final event is scheduled to happen around 14—15 September. We at NOWPayments are very excited about it, so let us tell you shortly what comes next during the Merge and once it has finished.
All transactions in ETH will be confirmed by the ETH stakers instead of miners. Even though the working principles of the second-largest crypto will change quite crucially, it is largely believed that this change will not affect common crypto users. NOWPayments as a part of NOW Ecosystem will make sure the transition goes smoothly for ETH users who want to accept payments around the Merge dates.
We are carefully monitoring all activity surrounding the upcoming ETH PoS shift. So what will NOWPayments’ do exactly and why is this amazing?
- We will create ETH payments, donations, and payouts as usual and finish them as long as the network allows us to do so — right after the hard fork.
- Balances in ETH will be automatically transferred in their original amount to ETH PoS.
- Some of the PoW ETH advocates are rooting for a full-on Ethereum fork. It means that after the Merge there is a possibility that a Proof-of-Work version of the Ethereum blockchain will keep functioning. The new token has been dubbed ETHW; in case that happens, NOWPayments will support ETHW and make it available for payments, donations, and payouts as soon as possible. Our partners will be able to create balances in ETHW as well
- NOWPayments fully supports Ethereum Classic payments, donations, and payouts and will continue doing so after the Merge.
Stay tuned for more Merge information!