Ethereum: This is how the developers talk about the merger! In a recent interview, 7 developers who work more or less active on the blockchain gave their opinion on The Merge. And the general consensus seems to be extremely positive about the new blockchain dear to Vitalik Buterin. All are now looking to the future.
The Merge: The biggest decarbonization in history!
This Thursday, September 15, after 7 years of good and loyal service, the Proof of Work validation consensus gave way to a much less energy-intensive consensus based on the Proof of Stake.
This operation has thus drastically reduced the electricity consumption of the blockchain: -by 99.988%. The carbon footprint has been reduced by 99.992%. When Ethereum consumed 1,000 resources in Proof of Work, the blockchain now only consumes one. The change is drastic.
The developers interviewed place particular emphasis on the methods of this decarbonization. In a world where offsetting carbon credits is the norm, the blockchain has succeeded in massive decarbonization by overhauling its system.
According to them, a more sustainable Ethereum makes it possible to resolve the ethical issues of many creators or project developers. Especially in the NFT sector. Now, nothing seems to stand in the way of the NFT revolution continuing to develop on the Ethereum blockchain.
But the move from Proof of Work to Proof of Stake has also had an impact on blockchain security. And now the Ethereum network is 51% more secure against attacks.
A more democratic blockchain
If The Merge has considerably improved the carbon footprint of the Ethereum blockchain, the 7 developers interviewed also specify that validation is now also more democratic.
From now on, the blockchain is much more modular since it integrates more harmoniously the execution layer, the consensus layer as well as the second layer networks. This redistribution of the global architecture makes it possible to offer a more scalable network where the rewards are distributed more equitably between the participants.
Economies of scale between Proof of Work and Proof of Stake also do not apply in the same way. Moreover, even if the distribution of nodes will never be perfectly fair, each of the nodes will have an equal chance of obtaining rewards.
Ethereum: A blockchain of the future!
According to the developers interviewed on the question, the new Ethereum, therefore, opens many doors. The network could, according to them, contribute to reversing the dynamics of power by giving it back to individuals. The Ethereum blockchain will also be the blockchain for coordinating projects, whether between developers, companies, or even governments.
The hundreds of developers around the world who work on Ethereum hope to make this space a privileged place for collaboration. Because they believe that Ethereum is above all intended to create value for all, in a sustainable way and without having to sacrifice security or energy efficiency.
The merger also removed barriers to scalability. More suitable for developers, this new version of Ethereum opens the door to development activities related to web3.
Good to know: The 7 developers who gave their opinions are all actively working on the Ethereum blockchain. Some like Mikhail Kalinin have even been working full-time on the blockchain since 2015. Others like Marius van der Wijden are also members of the Ethereum Foundation.
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