🚨Things you need to know Before/After the Merge & BEWARE Replay Attacks? 🎯🕵️
The #Merge is less than 10 days away like it or NOT but What should we expect and do with our $ETH, Staking, and #NFTs
Let's explore the Myths/Risk and the Truth around it. 🧵⚡️🕵️
Before we start if you haven't checked my last thread 🧵about the forks and the potential #Airdrops that come with #merge make sure to check below :)
Your Like/RT/ comment and follow are highly appreciated. ❤️
twitter.com/0xHossein/status/1566743875284307968
The Merge is tentatively scheduled for September 15. The countdown to #Mainnet is based on a target #TTD of #58750000000000000000 💥
The merge is simply a change of consensus mechanism used to verify #transactions and secure the #network.
🟩 TRUTH ABOUT THE MERGE
1- The Ethereum symbol will remain $ETH
2- #PoS reduce energy consumption +99%
that's actually very important and will allow more #adoptions by big tech companies and even governments and institutions that are concerned about environmental effects
3- Significant Drop in $ETH Distribution
#Ethereum issues around 13,500 ETH per day, with an annual issuance of approximately 4.3% of ETH’s total supply. With the proof-of-stake (#PoS) issuance, the annual issuance is predicted to drop between 0.3% to 0.4%.
ETH burn with #EIP-1559 and the #Staking and the drop of eth distribution will significantly affect the amount of circulation supply and the reason people calling it a "Triple Halving Event" which is equal to 3 #Bitcoin #Halving that happens every 4 years
🟧 MYTHS ABOUT THE MERGE
1- Reduce the gas fees
PoS wont change the Ethereum capacity so the upcoming upgrade will not reduce gas fees.
2- Changing the speed
there might be small changes but NO speed will remain the same
3- 3x higher staking APR
False/Prediction 50% increase
🟥 RISKS ABOUT THE MERGE
1- Issue during the upgrade
It can bring down the entire network for a short time / if that happens #Devs need to restart the network like what #Solana has done many times :)) Ngl this gonna affect the #Ethereum reputation and the price
2- What if things go really wrong
if things go wrong and restarting the network didn't help or the merge failed then the #blockchain needs to be #forked which is the opposite of the #merging.
WHAT'S REPLAY ATTACKS?
A Replay attack is referred to as a man-in-middle attack It happens when a #hacker or malicious actor secretly connects, intercepts & tweaks data on a secure #network so that the #transaction is delayed or repeated to the detriment of the originator
Replay attacks can also happen in the blockchain space, especially during chain splits or #HardForks.
After the merge, there would be two or more functioning chains/copies of the Ethereum blockchain, and assets on the current #Ethereum, including #NFTS, will be duplicated
This means the #NFTs you currently hold will be duplicated, which consequently opens up the chances of a #ReplayAttack.
OK, But WHAT CAN I DO?
The short answer is not to interact with the #ETH-POW chain ever BUT if you still plan to interact with all the new/old #chains create new #wallets for new #chains before and after the merge/ yep you need to pay #fees
Better Safe Than Sorry.