Chainlink supports the decision made by the Ethereum Foundation and its members. Chainlink (LINK), which supports PoW forks and forked versions (ETH) of Ethereum (ETH), will not be supporting them post-Merge.
The Chainlink protocol announced that its services would remain on Ethereum after the long-awaited Merge. The Merge is expected to take place in September 2022. It will bring together the Ethereum blockchain’s mainnet and the Beacon Chain.
This will allow all Ethereum operations to transition from Proof-of-Work, (PoW), to Proof-of-Stake, (PoS).
The Merge was moved from September 2022 to mid-2021. Phase 1 will begin the transition of the ecosystem’s transaction history, smart contracts, and PoS network. If everything goes according to plan.
All smart contracts on Ethereum blockchain will be affected by this transition, which took place in Q1 2022 and totaled 1.45million. Chainlink is a key provider of hybrid smart contract services.
Chainlink has urged users to plan smart contract operations in order to avoid any mishaps after and during PoS implementation.
The Ethereum Merge is an important milestone in crypto industry. As a way to achieve sustainability, scalability, and enhanced decentralization, the transition from PoW into PoS has been a major topic in the community.
According to Ethereum’s official website the network’s energy consumption would be cut by 99.5% once it is switched off PoS. According to the official website, Ethereum’s energy consumption was previously compared to that of the Netherlands.
Critics of this protocol switch argue that PoS is less secure and therefore more vulnerable to security breaches.
Major networks like Cardano and Polkadot, Polkadot, Solana, and Avalanche all use proof of stake blockchains.
The Merge is approaching and Ether, the native token, is experiencing price increases of up to 50% in comparison to Bitcoin (BTC), during market downturns.