After The Merge, What's Next?
It's no news that the #Ethereum Blockchain just completed its merge less than 24hours ago.
This simply means that the #Ethereum network has transitioned from the Proof-Of-Work(POW) consensus mechanism to the Proof-Of-Stake(POS) consensus mechanism. The #Ethereum mainnet has merged with a separate POS chain known as #BeaconChain, and now exists as a single chain.
Now the golden question; What's Next?
•Miners: Before the #merge, #Ethereum Blockchain was running a POW consensus mechanism which requires miners. It has successfully moved to a POS consensus mechanism, which leaves the miners idle. The miners will now have to move to other chains that support the POW mechanism. Examples; #Ethereum Classic ($ETC), RavenCoin ($RVN), Ergo ($ERG), etc. Although there are speculations of #Ethereum miners looking to fork out a POW version of Ethereum which will be called ($ETHW).
•Reduction In Energy Consumption: Moving from the POW to POS, #Ethereum has reduced the energy consumption by 99.95%. This might lead to a huge adoption of #Ethereum by companies and individuals who are worried about the energy cost of mining.
•Reduction Of Ethereum In Circulation: Right before the merge, 13,500 #Ethereum were in circulation per day, but after the merge 1,300 will be in circulation per day which is equivalent to 3 halving events for #Bitcoin.
•Gas Fees: The merger won't reduce the gas fees. The merge was just a transition to another mechanism and not an expansion in network capacity,thereby leaving the gas fees the same.
•Transaction Speed: The transaction speed of the #Ethereum network still remains the same.
•Staked Ethereum: Staked #Ethereum cannot be withdrawn after the merge. Following the #Ethereum roadmap, there is an upgrade called the "SHANGHAI UPGRADE" that will allow withdrawals of #Ethereum .
The goal of #Ethereum is to be able to perform 100,000 transactions per second (TPS), and The Merge is not the only thing to make it happen, there's still plans for; "The Surge", "The Verge", "The Purge", "The Splurge".
Visit this thread by @milesdeutscher on twitter to understand more about the other events
That's it for today.
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