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of ethereum merge Closer than ever. in the next few days ethereum Blockchain will move from a Proof of Work (PoW) model to a Proof of Stake (PoS) model. This migration will reduce the large amount of energy consumption used to validate transactions and slightly improve transaction speed.
Ethereum is currently the second largest blockchain and hosts most NFTs. If you were asked to mention three NFT collections, chances are one of the three is an Ethereum-based NFT.ever since ethereum Being the first blockchain to allow NFTs to exist, it comes as no surprise that it hosts the most popular collections and largest volumes.
A merge is a significant event and one that transforms the blockchain. That failure can also cause a lot of things to go wrong. But don’t worry. Ethereum developers have assured that things will go as planned. However, you can still fall victim to cryptocurrency scams and hacks.
To prevent that, here’s a guide on how to keep your NFTs safe during and after merging.
It may look simple, but doing nothing is the best way to stay safe while merging. As a user, you don’t need to do anything for Merge to succeed. In fact, you’ll hardly notice any changes or find anything different in your wallet.
NFTs are visible in the wallet during and after merging. But buying and selling NFTs while the merge is happening can go wrong. So if you don’t want to risk the amount of money you spent on your NFT collection, don’t do anything.
It’s easy. Safe. cheap!
Crypto scams are as sophisticated as the technology itself. One of the main methods used by malicious attackers is email hacking. Once they gain control of your account, everything you own can be lost in an instant.
However, identifying these scams can be difficult. But one of the easiest ways is to check if the email contains anything asking for your wallet information or sign-in details. It doesn’t matter if the mail comes from OpenSea or the Foundation.
Another way is to see if there are any offers that are too good. Most of the time, these hackers prey on people’s greed. So if someone is offering something that is not worthy of what you have, it is better to ignore it.
Although the merge brings some improvements, many people want to keep their existing blockchains. Most of these people are miners who were validating transactions in exchange for rewards.
All you need to do this is a hard fork. A hard fork is a situation where a blockchain splits in two. In this case, there will be two blockchains after the merge. As a result, all tokens, NFTs and assets on the current blockchain will be replicated on both.
This looks like something that could cause a lot of problems, but it’s easy to work around. Most cryptocurrency institutions have announced that they will only support the PoS Ethereum blockchain. This makes them less likely to purchase PoW duplicates.
Learn more about NFTs >> The Ultimate Guide to NFTs
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*All investment/financial opinions expressed by NFT PLAZA are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.
A blockchain maximalist who believes the future we are heading for requires technology. An avid researcher and writer who uses his writings to inform the prospects of his blockchain space.
