There are different opinions on “Ethereum Merger”

On May 20, Vitalik Buterin, the founder of Ethereum, said at the ETH Shanghai conference that Ethereum 2.0 is currently undergoing the final network test. If all problems are solved, the merger may take place as early as August. If other situations arise, there are also It could happen in September or October.

Nothing Research partner @0xTodd said, first of all, what we can see is that Buterin deliberately downplays the concept of “ETH 2.0” and puts more emphasis on specific technologies such as PoS and danksharding. Not only Buterin, can perceive that the term “ETH 2.0” is deliberately avoided by the entire Ethereum community to prevent misunderstandings from others. To put it bluntly, the “merge” of PoS ETH and PoW ETH is a simple consensus mechanism switch, which is more like a power transfer, and there is no substantial change at the user level.

After the “big merger”, all PoW miner nodes are offline and replaced with PoS nodes, such as Lido, various CEXs, etc. To be honest, the difficulty bomb is here, and the graphics card miners will not be able to do it unless they fork. However, the current strength and time window of ETH PoW miners are not enough to support such a fork.

0xTodd also said that some views of Buterin are advanced, such as ETH is too dependent on DeFi, DeFi is OK in a bull market, and there may be many unexpected dangers in a bear market.

According to Yuga Cohler, senior software engineer at Coinbase, the most notable aspect of Merge may be the efficiency it generates: Ethereum’s transition to PoS is expected to reduce energy consumption by 99.95% compared to PoW. Such an evolution would be a welcome development at a time when global energy costs are soaring. Of course, there are valid reasons against PoS – for example, some PoS designs can facilitate the concentration of wealth, and the lack of comparable large-scale tests. Nonetheless, given the existence of peer-to-peer blockchain networks that continue to operate on PoW (i.e. Bitcoin), consolidation as a strategic next step for Ethereum makes sense and deserves the goodwill of the environmentally conscious.

According to Yuga Cohler, the essential achievement of the merger is to be more humane than energy efficiency . Merging has proven to be an extremely complex task with many challenges. However, it will be accomplished not through the maxims of a central authority, but through the organic coordination of like-minded individuals. Fundamentally, a successful merger will demonstrate the viability of decentralization as a principle of social organization.

According to Tim Beiko, a member of the Ethereum Foundation, the merger will affect the average block time of Ethereum. Currently under Proof-of-Work, blocks appear on average every ~13 seconds, and actual block times vary considerably. Under Proof of Stake, blocks occur exactly every 12 seconds , unless a slot is missed because validators are offline or because they did not submit blocks in time. In fact, this currently happens in <1% of slots. This means that the average blocking time on the network is reduced by about 1 second. Smart contracts that assume a specific average block time in their calculations need to take this into account.

Tim Beiko believes that with proof-of-work, there is always the possibility of a blockchain reorganization. Applications typically wait for a few blocks to be mined at the new head before considering it unlikely to be removed or “confirmed” from the canonical chain. After The Merge, we have the concept of a final and secure header block. The use of these blocks is more reliable than “confirmed” proofs of working blocks, but requires a transformational understanding to use correctly.

WeekInEthNews founder Evan Van Ness ( @evan_van_ness) Can someone point some GPUs to Ropsten so we can merge earlier? Every day that Ethereum stays on PoW is a disaster. He pointed out that the only real touchstone for being part of Ethereum is whether you want to get rid of PoW, which we’ve been talking about since 2013.

Twitter user @AutismCapital said that if there was a price move, it would be before the merger. Also, a reminder that mergers do not address transaction fees.

Angel investor sassal.eth says that after the merger, the ethereum network moves completely to PoS – 99.98% reduction in energy usage – 80-90% reduction in ETH issuance – staked ETH APY increases – ETH becomes net deflationary – at least 6 No new ETH after months.

Posted by:CoinYuppie,Reprinted with attribution to:
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