The Ethereum Merge 🐼 & OSOM
It's finally here. What does it mean for your OSOM account?
After years of waiting, the Ethereum "merge" is finally upon us. The "merge" will mark the end of Proof-of-Work for Ethereum and mark the full transition to Proof-of-Stake, and if you don't already know everything about it you can find out more on Ethereum.org.
It is scheduled to happen at a certain "total terminal difficulty" rather than at a time used by humans, which makes scheduling a little complicated, but the current estimates are that it will be between Wed Sep 14 18:00 2022 UTC and Thu Sep 15 06:21 2022 UTC.
Will the Merge affect you?
If you don't have ETH with OSOM, no. Unless you are planning on moving some, buying some or selling some.
If you want to buy or sell ETH, you should do it a little before or a little after the merge. We will be pausing transactions - as will most other wallets and exchanges - a little before the merge starts and until we're sure that everything is working fine. So the best is to buy before Sep 14 or after Sep 16.
If you have ETH with OSOM, no action is required from you as we do not anticipate any changes to OSOM during the Merge. During this transitional period, your crypto assets on OSOM will remain safe and secured. As a precaution, all Ethereum (ETH) and EVM chain outbound transactions will be briefly paused. We anticipate outbound transactions to resume within 24 hours of the merge if it went smoothly.
If you are planning on sending ETH to OSOM, don't do it between Sep 14 and Sep 16.
Will OSOM support the tokens of a PoW Hard Fork?
For context: some Ethereum miners oppose the change to Proof-Of-Stake and are planning to continue mining the "old" Ethereum blockchain. That will create a new chain, and therefore a new token. It is possible that it will have some market value. For ETH holders, that would be an airdrop of "free money".
At OSOM, we will be able to support the PoW Hard Fork as soon as our wallet infrastructure provider does, which they assure us will happen and take anywhere from a few hours to a few days.
We will not support the ETH PoW asset on our exchange and wallets, but will make it possible for you to withdraw it to a wallet of your choice.
That's it! If you have any questions, please do contact us by replying to this email.