The Ethereum Merge - The Final Frontier
Soon Becomes Now for Ethereum too
I'm not sure about you, but I've been using Ethereum since before it was even listed on Coinbase. I know, so long. You'd think I'd be rich but I'm not the best trader. It's not about the money anymore. I care about the technology in a huge way with Ethereum. The same goes for Hive. I see the potential and the scalability being improved in real time. I remember talking about Ethereum 2.0 in 2017 and it's finally almost time.
Ethereum is, and probably always will be the default smart contract blockchain. As the devs continue pushing toward Ethereum's migration from Proof of Work mining to Proof of Stake, soon is quickly becoming now. Here in the LeoFinance world, the whole soon thing has become a huge meme, but in reality it's the truth. We get new features dropped on us what feels like every other week. Name another project pushing forward like that. I'll wait.
Ethereum is not far behind really. Think about how many shadow forks there have been in the testing of the merge between the Beacon Chain and the Execution layer. If you have been following me, I have been writing regularly about the progress they've been making. The Ethereum blockchain will always have a special place in my heart because it really opened my eyes to web3.
According to the latest update we got from the devs, the Goerli testnet is about to complete the merge process. The first to merge was the Kintsugi testnet, and then the Ropsten testnet. Earlier this month the Sepolia testnet completed the merge with basically no issues. It's time for the final testnet merge before the game completely changes for the Ethereum ecosystem and community.
With this testnet merge scheduled between August 6th and August 12th (what a good birthday present), we can expect that there will be little to no issues with the process. Following the merge and tons of rigorous testing, we will see the merge of the Ethereum mainnet with the Beacon chain and the end of Proof of Work. Ethereum will become way more scalable and in a carbon-neutral manner.
I honestly feel like the final merge in September could cause the downfall of a lot of blockchains claiming to be scaling solutions for Ethereum. I won't speculate on which ones I think will start to decline, but I think it's kind of obvious. The other chains that have unique features and advantages, unlike Solana, will continue to live on. Hopefully there will be more bridge solutions between all these different blockchains.
The merge will also cause a shift in the tokenomics of Ethereum. We will likely see ETH go completely deflationary, instead of inflationary as it has existed for years. No more mining rewards. Many ETH miners will go offline, and I image a large amount of them will be sold off due to lack of profits. Hopefully a lot of them will be able to be repurposed to mine other things, but the miners that go till the end... They know what they're getting into. They may be begging to sell their rigs at a loss if they hold too long.
The merge is going to see the Ethereum blockchain transition into the most decentralized state its ever been in. Anyone can stake 32 ETH and become a validator on the network and earn interest. Gas fees will be way more stable, not necessarily lower. Transaction throughput will be much higher. There's tons of benefits for the long awaited merge.
I absolutely can't wait to watch it happen in real time. It's definitely going to be an important moment in history.
Article written by: @l337m45732 AKA 0xNifty.nft
Posted Using LeoFinance Beta
