A persistent question has plagued the Ethereum community since its creation in 2015. It was answered on Thursday, September 15, 2022 at 06:42:59 UTC.
Ethereum is the technological layer that allows for the creation of new classes of applications and self-organizing organisations. It has moved from relying on a energy-intensive consensus mechanism called Proof-of-work to a more secure and sustainable consensus mechanism called Proof-of-stake.
The Merge is a landmark in blockchain history and has been called one of the most important milestones. It has established the foundation for how Ethereum will continue being the strongest, most trusted, most neutral, and energy-efficient global blockchain network.
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The Merge is one those historic moments when people will remember decades from now what they did, where they were, and with whom.
Over 120 developers from around the world, all connected by their Wi-Fi signal, and a passion to develop what they believe will be the future of the internet have joined forces to create and implement the Ethereum Merge. The collective effort to achieve what is most likely the largest industry decarbonization in history offers a compelling model for future industries and social overhauls.
Blockchain is open to diversity and openness
The Ethereum ecosystem has one ethos: diversity and openness. The Merge has made Ethereum a modular blockchain, allowing it to transition successfully from a monolithic, monolithic blockchain. It also includes several execution layer clients, consensus level clients, and layer-2 networks. This solid architecture allows for a stable and scalable network that rewards participants more fairly.
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PoS allows network participation and requires less resource requirements to run validator nodes. It is also designed so that economies of scale don’t apply the same way as for PoW mining. Although there will still be more players, the task of running one node is less computationally intensive and every node will receive equal rewards.
The technical barriers to scaling are also removed. PoS is a better alternative to PoW. It can efficiently divide data processing and achieve the scale and throughput that developers demand from a cloud service or database. This makes Ethereum more egalitarian, and it has been radically improved to support the next generation Web3 creators.
Ethereum is the first technology of its kind to reduce its carbon emissions by innovation and redesign.
Location of core Ethereum developers prior to the Merge. Source: ConsenSys
In the past, Ethereum has had to sacrifice sustainability and scalability because of its security system. This was in direct contradiction to the high adoption rates the chain has experienced. With the switch to PoS, Ethereum became the most carbon-friendly blockchain. It has reduced its network’s electricity use and carbon footprint by more than 99.988%, and 99.992% respectively.
Artists no longer have to make ethical decisions about energy usage in PoW systems. They can even offset their nonfungible tokens with carbon credits. Ethereum is the best home for the NFT revolution.
Improved security model to protect blockchains
The security guarantees that proof of stake offers include the fact that 51% attacks are more expensive than PoW. If someone has the ability to attack a PoW network with 51%, they can continue these attacks even after a softfork.
Related: Post-Merge Ethereum has become obsolete
However, Ethereum PoW has something called “slashing” in it. When a validator is caught doing anything provably destructive, they are forced to leave, which penalizes some or all its financial stake. An attacker can’t attack the chain without causing a substantial financial loss. PoW doesn’t have an in-protocol financial disincentive that is as powerful.
Today there is an increased sense of disempowerment. People feel disempowered and helpless to make the life decisions that affect them. Actors enshrined in responsibility fail time and again. Trust has been broken and there is no way to go forward.
Ethereum promises to change the power dynamics and empower individuals by allowing any individual or enterprise to run validators and trustlessly build apps or coordinate; it allows for a sense ownership, confidence, and trust that is difficult to achieve in systems that have been widely adopted in society.
The Merge signals strongly that Ethereum is open to everyone, allowing them to create sustainable value without compromising security, energy efficiency, and democratic access.
We hope this collaboration between hundreds of developers around the globe, often working in voluntary effort to improve a public service, will inspire other industries.
Ben Edgington is an expert on Eth2 at ConsenSys. Ben Edgington is currently the product owner of Teku, an Ethereum 2.0 client that is primarily targeted at institutional and enterprise stakers. He was previously head of engineering for information system systems at Hitachi Europe before joining ConsenSys. He is a B.A. (Hons), M.A., M.Sc. Hsiao Wei Wang is a researcher at the Ethereum Foundation Research team. She has been involved in the development of the Ethereum consensus protocol since mid-2017. Her contributions to the Merge include consensus analysis, specifications and memes design. Lion Dapplion is an Ethereum Foundation Research Team member since mid-2017. He has also been working on FOSS at DAppNode’s infrastructure layer. He has contributed to the Merge by leading Lodestar, the Typescript consensus client, and pushing light clients at consensus layer. He was previously involved in scalability solutions for blockchains (state channels). He was responsible for the implementation of Merge in goEthereum, and also played a part in the coordination of testing efforts. He tried to get the community involved in the #TestingTheMerge effort. He is the head of ConsenSys’ TXRX research group. His main focus has been developing and delivering Merge on Ethereum’s mainnet for the past two years. His main focus for the last two years has been developing and delivering the Merge on Ethereum’s mainnet. He moved from Bangalore, India in 2016 to pursue a new area in Ethereum protocol development. In 2020, Parithosh Jayanth joined the Ethereum Foundation to help shape Ethereum upgrades. He was drawn to its challenges and research opportunities. He was responsible in setting up, coordinating, and debugging test network. Terence Tsao, of Prysmatic Labs, works on Prysm which is a consensus layer client implementation written using Go. He was one of the original implementors of the Merge. He began to experiment with execution-engine API and consensus-layer code in order to drive consensus for the execution client layer client.
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