At Sanctuary Dex™ “We make cryptocurrency useful”. From a self-custody mobile wallet to gift cards and Merchant Pay™, we continue to innovate and design software solutions to support the adoption of Bitcoin and other major cryptocurrencies.
The Merge Update
The Merge Update
In my previous article, I explained The Merge in detail. Since that article, there have been some updates worthy of passing along.
September 15th is the target date for the merge of the Ethereum blockchain with the Beacon chain. In addition to Chainlink, major NFT exchange OpenSea has also announced they will support the new Proof of Stake chain and will NOT support the legacy Proof of Work chain. Any concerns about a significant fractioning of the Ethereum ecosystem are waning.
What is FUD?
Some fear, uncertainty, and doubt (FUD) is gaining ground and is the growing concern around major staking entities publicly announcing they will be willing to censor transactions if the parties involved are on the U.S. Treasury Department’s Office of Foreign Asset Control (OFAC) sanction list. Being a hardcore advocate of censorship resistance and influence of a centralized entity on blockchain transactions, I have concerns with this as well. This is a significant hurdle to a true decentralized, censorship-resistant ecosystem that has allowed cryptocurrency to go from zero to a 3 trillion-dollar ecosystem as measured at the heights of the most recent highs last November. It’s also unprecedented for OFAC to censure a non-individual.
What to anticipate?
The Merge will require a couple of code updates prior to the official Merge. Whenever significant code changes are made, there is a risk of centralized exchanges like Coinbase and Binance halting trading and withdrawals while they implement these changes. f you keep your cryptocurrency on centralized exchanges, please remember; bitcoin was created to eliminate the need for an intermediary. Not your keys, not your crypto!
For Sanctuary Dex wallet users or gift card holders, no action needs to be taken. Your crypto wallet will work the same way. If you hold your crypto on an exchange, you may want to check their FAQs on The Merge. For more information on the Sanctuary™ Dex wallet or gift cards, please visit sanctuarydex.com/products.
What about all those mining nodes?
The Ethereum Classic cryptocurrency will remain Proof of Work. As a result, its blockchain is expected to become more secure as rigs transition from ETH to ETC mining. This is due to the increased hashing power which will, in turn, make it less vulnerable to 51% attacks (double-spend attempts). Based on information from Coinwarz.com, the ETC hash rate has already doubled since July 4 of this year from 18 trillion (Tera) hashes per second to 38 TH/s. https://www.coinwarz.com/mining/ethereum-classic/hashrate-chart
Some other cryptocurrencies that can be mined on exiting ETH mining hardware are listed below:
- Ravencoin (RVN) – https://ravencoin.org/
- Coinflux (CFX) – https://confluxnetwork.org/
- Ergo (ERG) – https://ergoplatform.org/
- Ubiquity (UBQ) – https://ubq.fi/
NOTE: This list is not a suggestion to invest in these projects!