![]() Goerli - Ethereum’s third and final testnet - was one of the last hurdles for the chain to jump through before its final transition to PoS, doing so at the start of last month. Since then, Ethereum has been running both a PoS chain (Beacon Chain) and a proof-of-work (PoW) change. That was one of the first milestones leading up to the event. The Beacon Chain, the core mechanism of the new network, finally launched in December 2020. Those will be published in a book later this month. It also gave Ethereum founder Vitalik Buterin enough time to compile various writings through his learnings in those years. The transition has been marked by constant delays which, at the time, were touted as affording the team more time to prepare, much to the chagrin of the network’s impatient userbase. A long time comingĮthereum first marked its intention to switch to PoS soon after its inception in 2015. Sharding for Ethereum refers to the process of spreading the network’s load and breaking up the data across 64 separate shards.īut a definitive time on when that may actually come about is anyone’s guess given Ethereum’s slow and steady approach to development. The other would be to reduce the cost of data by allowing nodes to store only a subset of data via sharding, Connolly said. Those include a proposal to reduce the cost of data through the storage of data blobs - a data type that holds binary data - on beacon nodes for a short period of time. “The near-term (2023) scalability updates are mostly mechanisms to reduce this cost.” “Currently, the primary scalability bottleneck on Ethereum’s total transaction processing is the cost of data availability for rollups,” Connolly said in a blog post Monday. “It is a change of consensus mechanism, not an expansion of network capacity, that would result in lower gas fees.”Īlex Connolly, chief technology officer of NFT marketplace and Ethereum layer-2 scaling solution Immutable X agrees. “This is not true,” said Steven Walbroehl, Co-Founder & CTO of Halborn. “Given it’s still the second biggest blockchain in the world by a big margin, it presents an opportunity for sustainable blockchain projects looking for a home.” Wen scalability?Īnd the biggest misconception about the Merge is that it will lower gas fees. “In terms of energy consumption, it will now sit alongside other protocols that are considered sustainable, such as Tezos, Solana and Algorand,” he said. Post-merge, that inches closer to just boiling a kettle, according to Juunu Salovaara, head of platform development at carbon credits crypto firm Likvidi. Previously, a single transaction on Ethereum required enough energy to power an average US household for an entire week. This means that the number of ether mined per day will reduce from 13,000 to about 1,600 per day. “The Ethereum Merge shows real action from one of the largest chains to reduce its energy usage to 1/1000th of its former consumption.”Įnabling PoS will also drop new supply issuance of ETH by 90%, and some proponents claim the impact is equal to three Bitcoin halving events. “So many people think that all blockchain projects are terrible for our climate by design,” Lia Holland, campaigns and communications director at non-profit advocacy group Fight for the Future said in a statement. The Ethereum Foundation estimates that the merge to PoS dramatically reduces the blockchain’s power consumption by 99.95%. Its upgrade also aims to inadvertently silence critics of the industry’s energy consumption, which has received some of the blame for contributing to climate change. “It represents switching the underlying consensus engine of the blockchain while Ethereum continues to run and support the $100 billion+ DeFi, NFT and app economy without a hiccup,” Vivek Raman, BitOoda’s head of PoS said. Perhaps the most anticipated event in the crypto world, the Merge has been one of the most difficult engineering feats undertaken by the industry, according to analytics firm BitOoda. “As far as I’m aware, as far as I can tell from this stream everything was absolutely optimal, so that’s just great!” said the host of the celebration event, known as Superphiz from the Eth Stakers community group. ![]() Over 40,000 live viewers tuned into the Ethereum Foundation’s livestream at the time of the event. Everyone who helped make the merge happen should feel very proud today.- vitalik.eth September 15, 2022 This is a big moment for the Ethereum ecosystem.
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