The Ethereum merger became final on September 15, 2022. Seven developers are here to tell you why they think it made Ethereum more sustainable, energy efficient and democratic.

Since the inception of Ethereum in 2015, an animated question that has plagued the community was answered on Thursday, September 15, 2022 at exactly 06:42:59 UTC.

Ethereum, the technology layer where a new class of self-organizing applications and organizations is built, has dropped its reliance on an energy-intensive consensus mechanism called proof-of-work (PoW) to a more sustainable and secure consensus mechanism called proof. – of work. of participation (PoS).

In what has been described as one of the most significant milestones in blockchain history, the merger set the template for how Ethereum will continue to be the most powerful, widespread, neutral and efficient blockchain network. energetic worldwide.

Related: Biden is hiring 87,000 new IRS agents, and they’re coming for you

The merger is one of those historic moments where, decades from now, people will remember what they did, where and with whom, whether they were part of the 41,000+ people who voted when the blocks ended, or all of them. physical meetings around the world. to celebrate the occasion, which also saw Ethereum switch from somewhat random Ethereum block times to predictable 12 second intervals.

Over 120 developers from all corners of the globe, connected only by their Wi-Fi signal and a passion to build what they believe is the future of the Internet, came together to design and implement Ethereum Merge. Their collective action to implement what is likely to be the largest decarbonization of any industry in history provides a compelling model that future industrial and social reforms could adopt.

Diversity and openness in blockchain
One of the characteristic values ​​of the Ethereum ecosystem is its diversity and openness. As a result of the merger, Ethereum laid the foundation for a successful transition from a monolithic blockchain to a more modular blockchain that incorporates multiple execution layer clients, consensus layer clients, and layer 2 networks. This robust architecture ensures a healthy and scalable network where rewards for participation are distributed more equitably.

Related: The market isn’t growing anytime soon, so get used to the dark times

PoS not only democratizes participation in the network by requiring lower resource requirements for validator nodes, but it is also built in such a way that economies of scale do not apply in the same way they do for PoW mining. While there will still be games with more nodes, running one will require less calculation and each node will have an equal chance for rewards.

In addition to a very diverse system, technical barriers to scalability are removed. Unlike PoW, with PoS, Ethereum can efficiently partition data processing and achieve the scale and performance developers expect from a database or cloud service. This makes Ethereum more egalitarian and radically evolved to support the next generation of Web3 creators and developers.

A greener Ethereum
Ethereum is the first time in history that a technology of its scale has reduced its emissions through innovation and redesign, not carbon credit offsets.

The location of the main Ethereum developers before the merger. Source: ConsenSys
Ethereum has sacrificed sustainability and scalability in the past because of its chosen security mechanism. This compensation was in quota with the adoption levels that the network saw. However, with the move to PoS, Ethereum has become the most popular carbon-friendly blockchain, reducing its power consumption and carbon footprint by more than 99.988% and 99.992%, respectively.

With a more sustainable Ethereum, artists no longer need to deal with ethical decisions about the energy consumption of PoW systems or even offset their non-fungible tokens (NFTs) with carbon credits. Ethereum is now the most sustainable home for the NFT revolution to flourish.

An enhanced security model to protect blockchains
An overlooked feature of proof-of-stake security guarantees is that 51% attacks are exponentially more expensive for anyone attempting them than PoW. For example, if someone has the means to do a 51% attack on a PoW network, these attacks can continue even after a soft fork.

ratio

Source: CoinTelegraph

LEAVE A REPLY