This is official, and even Vitalik Buterin confirmed that the long awaited ETH2 is now happening around September 15, 2022. After the excitement it generated and the jump of the value of the Ethereum going up (and then down), now is the time to question what it really means to the Crypto Art Space.
At LAL Art we were getting concerned that no reliable information got released. So we contacted our Tech-go-to Joker, Tagachi, and he nicely agreed to shed some light on the Ethereum Merge and its implications.
Tagachi is a recognized figure in the Web3 coding and developing field. He has led major NFT projects to success and most of all, helps to make Web3 a safer place through security awareness and education - and we love it at LAL Art!
Tagachi: On July 22, 2021, Ethereum Improvement Proposal (EIP) 3675 was presented by Mikhail Kalinin, Danny Ryan, and Vitalik Buterin, to upgrade current Proof-of-Work(PoW) Ethereum blockchain to Proof-of-Stake (PoS) mechanism.
Instead of selecting a certain block to carry out this upgrade, Ethereum Paris upgrade, they proposed a Total Terminal Difficulty or TTD. In a Proof-of-Work blockchain, each block minted has difficulty which increases with each block. In EIP-3675 (https://eips.ethereum.org/EIPS/eip-3675) or Paris upgrade will be triggered when TTD reaches 58750000000000000000000.
Tagachi: This is a great question. Most devs are divided on this question. First of all, we should celebrate that we are moving from Proof-of-Work model to much more energy efficient Proof-of-Stake model. One of the major criticism towards mass adaptation of Ethereum main network was the energy consumption of transactions.
I would recommend everyone to delist/revoke access to any high value asset they have in their wallet. As a better security precaution, you could move your assets to a hardware wallet.
How to revoke approvals: