Sirwin
Sirwin

Ethereum's long-awaited merge to proof-of-stake is finally here!


Welcome to the new era of Ethereum!🎉🎉🎉

On September 15th, at 06:42:42 UTC, the long-awaited Merge saw the merging of the Ethereum Mainnet execution layer and the Beacon Chain's consensus layer at the Terminal Total Difficulty of 58750000000000000000000. This means the network will no longer rely on a proof-of-work consensus mechanism, but instead will use a proof-of-stake consensus mechanism. This is a major milestone for Ethereum, as it moves away from the energy-intensive proof-of-work consensus mechanism and towards a more environmentally-friendly proof-of-stake consensus mechanism.

The Merge is a significant event for Ethereum because it represents a shift in the consensus mechanism from proof-of-work to proof-of-stake. This change will have a number of advantages for Ethereum, including improved scalability, reduced energy consumption, and increased security.

The proof-of-work consensus mechanism is the current consensus mechanism used by Ethereum. It is an energy-intensive consensus mechanism that requires miners to solve complex mathematical problems in order to add new blocks to the Ethereum blockchain. The proof-of-stake consensus mechanism is a more environmentally-friendly consensus mechanism that does not require miners to solve complex mathematical problems. Instead, validators stake their ETH in order to participate in block creation. The proof-of-stake consensus mechanism is more scalable than the proof-of-work consensus mechanism because it does not require miners to solve complex mathematical problems.

The proof-of-work consensus mechanism is also more vulnerable to 51% attacks than the proof-of-stake consensus mechanism. A 51% attack occurs when a group of miners control more than 51% of the mining power on a network. This allows the group to double spend ETH and to control the Ethereum blockchain. The proof-of-stake consensus mechanism is less vulnerable to 51% attacks because it is not possible for a group of validators to control more than 51% of the ETH staked on the network.

The Merge is a positive event for Ethereum because it represents a shift from the energy-intensive proof-of-work consensus mechanism to the more environmentally-friendly proof-of-stake consensus mechanism. This change will improve scalability, reduce energy consumption, and increase security on the Ethereum network.

Why EIP 1559 is Good for Ethereum's Performance

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One important corollary of the recent Ethereum hard fork is better EIP 1559 performance (because fewer blocks bump up against the 2x limit). So far, the percentage of full blocks has dropped from ~20% to ~10%. This is good news for those who want to see Ethereum improve its scalability; however, there are still some challenges that need to be addressed.

EIP 1559 is a proposed change to the way that transaction fees are handled on the Ethereum network. Currently, fees are set by the user and can be any amount; however, under EIP 1559, fees will be set based on the gas used by a transaction, with a small percentage going to the miners.

The advantage of this system is that it will help to reduce congestion on the network, as users will be incentivized to set higher fees for transactions that require more gas. This will also help to reduce the amount of ETH that is lost to miners every day, as a smaller percentage of fees will go to them.

One potential downside of EIP 1559 is that it could lead to higher fees for some users, as they will no longer be able to set a low fee and have their transaction included in the next block. However, this should be offset by the fact that, overall, fees will be lower under the new system.

With any luck, EIP 1559 will be able to help address some of the challenges that Ethereum faces and make it a more viable option for large-scale applications.

What do you think about EIP 1559? Do you think it will be a good or bad change for Ethereum? Let us know in the comments!

 

 

 

 

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CryptoJD
CryptoJD

All of these are learning phases of crypto adoption evidenced by the state's support and other enterprises' trust in cryptocurrencies and their underlying processes and technology that will make-up the decentralized world.


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