The Ethereum merge is bringing an incredible shift in its consensus. Every user must take the steps to protect their $ETH and private keys.
- The Ethereum merge is an important event happening on September 15, 2022. Many crypto traders are keen on transitioning from the Ethereum Proof-of-Work (PoW) consensus to the Proof-of-Stake consensus mechanism, as it reduces the use of special hardware and power consumption.
- The CEO of PolySwarm, Steve Bassi, explained that staking is a newer and exciting concept in cryptocurrency compared to the traditional PoW consensus used by Bitcoin and various other tokens.
- He added that to become an independent validator during the Ethereum merge event, a trader must hold 32 ETH in their digital wallets before joining a staking pool and earning passive income. However, Bassi warned users that the merge will enable scammers to trick them into submitting their private keys to get ahold of their wallets.
- Bassi warns that scammers could use fake airdrops to redirect crypto users to phishing sites. These sites could claim they own firsthand information regarding the Ethereum merge. As a result, users could lose their Ethereum or give up their private keys. He urged users to be highly alert and not follow topics like “ETH2” or “ETH 2.0 coin.”
- Staking pools is no news in Decentralized Finance (Defi) platforms. However, it comes with risks especially depositing your crypto assets and giving up control of them. With ETH bringing new staking protocols, users must be aware of staking pool providers who may offer attractive terms. They could pull the rug and run off with your valuable assets.
See Related: The Misconceptions With The Ethereum Merge
