“The Merge” is about to happen in Crypto, Web3 expert explains what it is

If you’re involved in or even the slightest bit curious about crypto, listen up. Here soon, all attention in the world of crypto will be focused on “The Merge” that will be taking place around the 19th September 2022. This Web3 and NFT expert explains what is “The Merge” and who should be paying attention to it.

“The Merge is a plan to transition the Ethereum blockchain from proof-of-work to proof-of-stake, with a goal to slash the blockchain’s energy consumption and lay the ground for it to be more productive in the future. Under the proof-of-work mechanism, miners verify new transactions on the blockchain by solving complicated mathematical puzzles. This usually requires extensive energy consumption, which has made the crypto industry vulnerable to criticism,” says James Shannon, CEO & Co-Founder of Xone.

Under proof-of-stake, blockchain transactions are validated by coin owners, who stake, or lock up their cryptocurrencies with the blockchain. As it doesn’t require much use of electricity, the mechanism has been pitched as a more environmentally-friendly alternative to proof-of-work, and currently is used by many of Ethereum’s competitors, such as Binance Chain and Solana.

Shannon goes on to say that, “This is one of the biggest events in the history of the entire cryptocurrency industry, and as such, it is likely that many bad actors will try to exploit it and scam innocent people out of their money. This is why it’s imperative to know that users and holders of ETH don’t need to do anything with their funds or with their wallets before the Merge.” 

XONE is a mobile Augmented Reality social network that allows users to build and share 3D worlds. XONE’s vision is to become the web3 version of TikTok, focusing on user-friendly interfaces, discovery, and music to onboard the next 100 million users into web3.