- The Ethereum mainnet will soon merge with the Beacon Chain PoS system.
- This merge will be the full transition to PoS.
- It will reduce Ethereum energy consumption by approximately 99.95%.
As the so-called Ethereum merge is almost here, just a few weeks ahead. Here are the expert’s opinions that include the technical and political risks that occur from the ETH merge.
The Technical Risk at ‘The Merge’
The transition from PoW to PoS system followed in the merge is scheduled between September 10 and September 20, this year. At the time of this historic upgrade, the question arises that the funds and NFTs will go missing, or will the app stop working as well?
Over this, the developers gave the green signal by saying that there is nothing to worry about. As the devs are confident that the merge will leave no impact on asset security or app functionality. Still, there is a confusion that some scammers may manipulate uniformed users. The merger may also have long-term political or legal ramifications.
The founder of ETHPoW, Chandler Guo, confirmed that his proposed network will change all chain IDs on the blockchain to prevent attacks.
While the ethereum core developer, Marius Van Der Wijden, discussed, “There will be no problem with replay attacks. [A scammer could] say ‘hey, you have money on this chain, go dump it and sell it to us. And we will give you lots of money. And in reality, you’re doing a transaction on the mainnet, and you’re selling your mainnet Ether. If you’re uneducated, and trying something new, then you might run into these scammers.” He advised on this, to do nothing.
He also explained that “There will be no funds at risk. I myself wouldn’t send, like, $100 million during those 12 minutes. But 12 minutes later, the chain finalises. Then everything should be fine. Then we can start celebrating.”
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The Political Risk at ‘The Merge’
Unlike technical issues, the political issue cannot be easily departed. The transition will fully change the way of ETH creation. As of now, new ETH is generated via the “mining” process, but after the merge, it will be generated by “staking.” Hence the stakers pledge massive amounts of already-existing ETH for creating and earning new ETH.
Tsao, ethereum core developer, discussed that “We’ll be monitoring these companies to see how they are behaving. If they behave maliciously, we can forcefully eject them through social governance.” He elaborated that censoring blocks will be considered as a malicious activity by Ethereum’s core developers.
Highlights of ‘The Merge’
In ethereum’s history, the merge will be the most significant upgrade. It will set the stage for future scaling upgrades that will include sharding. This will eliminate the need of energy-intensive mining, and secure the network using staked ETH.
Ethereum’s vision over the merger is to provide more scalability, security, and sustainability.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2022/09/02/the-ethereum-merge-is-here-lets-check-the-expert-view/