Hello HODLers!
First I state that I am neither an Ethereum Fan Boy, nor an Ethereum detractor. Ethereum needs no introduction from me, it is the blockchain on which the largest amount of liquidity is concentrated in the DeFi (decentralized finance) segment with 60 billion Total Value Locked on the Ethereum blockchain and it is without a doubt the blockchain on which most of the decentralized applications (Dapps) existing today have been developed.
However, among the limitations of Ethereum there is the problem of scalability! The Ethereum blockchain, as it is structured now, is capable of validating around 25 transactions per second. A not very high number compared to competing blockchains and which has as its main consequence the increase in transaction costs, i.e. gas fees, necessary to carry out a transaction.
With the transition of Ethereum from a Proof of Work (PoW) to Proof of Stake (PoS) consensus mechanism, the goal is to increase the performance of the blockchain, increasing scalability and maintaining the high levels of security that currently has the Ethereum blockchain. But everything will not change immediately with the Merge of September 2022.
I read on social media that there are great expectations for the merge and subsequent transition of Ethereum from PoW to PoS. But the Merge is only the first step towards the transition to a Proof of Stake system! In my opinion the transition will bring its benefits from many points of view, which maybe we will analyze in another article, but the Merge is only the first step!
In the meantime, let's go and debunk 4 myths about the Ethereum merge!
1. After the merge, the gas fees will be much lower.
FALSE!
And the answer can be found directly on the Ethereum site, which has dedicated a section of its site to clarify the changes following the merge.
Merge is a change in the consensus mechanism, not an expansion of network capacity, and will not lead to a reduction in gas tariffs.
Link: https://ethereum.org/en/upgrades/merge/
2. Will transactions be faster?
FALSE!
Transactions after the merge will only be 10% faster! While there are some slight changes, the transaction speed will remain mostly the same on layer 1.
Link: https://ethereum.org/en/upgrades/merge/
3. Thanks to the merge the layer 2 will be useless
FALSE!
This is a consequence of the first two myths. Layers 2 will be crucial even after the Merge!
4. With the merge you can withdraw the ETH in staking.
FALSE!
Staking withdrawals are not yet enabled with The Merge. The next Shanghai update will allow staking withdrawals!
Link: https://ethereum.org/en/upgrades/merge/
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