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With only hours left until The Merge, the crypto world is rife with excitement. After this event, Ethereum, the 2nd largest blockchain network, will become proof-of-stake, setting the stage for more scalability and slashing its own carbon footprint. It’s a pretty big deal, but as a HODLer, or a node operator, what do you need to do? Here’s a bit of helpful information you can check out to get those answers:
For more information on what to do, please refer to Ethereum’s page on The Merge.
I hold ETH. Do I need to do anything?
We’ll just cut to the chase here- nothing! *Phew* 😅. All you really need to do is sit back, relax, and watch history happen as the biggest event in crypto happens!
ETH will continue to be the native token of the Ethereum blockchain, and the blockchain’s entire history will remain unchanged. This means that your funds will be accessible and safe.
I operate an Ethereum node, what do I need to do?
Ah, this is where things get a little interesting. If you didn’t already know, the Beacon Chain, which is the Proof-of-Stake consensus layer that is taking over for the Proof-of-Work mechanism, has already shipped and been in operation.
If you are one of the node operators that has been anticipating the Merge, you can check out Ethereum’s official blurb on the subject, but we’ll give you a brief rundown on the subject:
Staking nodes
You need to make sure that you are running a consensus and execution layer client, or else your node will be read as offline after the Merge event. This also goes for authenticating consensus and execution layer clients, for which you need to use a JWT secret to facilitate their communication. You should also set a fee recipient in order to receive unburnt fee tips and MEV (maximal extractable value).
Non-staking nodes
With a non-staking node, you also need to make sure you install a consensus layer client in addition to the execution layer client you likely are already running. As with staking nodes, you will also need to authenticate using a JWTÂ secret.
How can I stay secure during and after the Merge?
One thing that you should consider during and after The Merge is how to keep your funds secure, especially as a lot of information goes around. Since there is nothing you need to do as the network undergoes its upgrade, please be aware of scams asking for payment in order to upgrade and access the network. Likewise, ETH will remain the native token of the Ethereum network, and there is no new token that will be generated for the upgraded network.
And as this event happens, be rest assured that Poloniex has your security at the forefront of our priorities. As such, we’ve produced this helpful article on how we keep you safe and how you can practice vigilance to protect yourself and your funds.
How to prepare for the Merge was originally published in The Poloniex blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.