- Ethereum founder Vitalik Buterin talks on The Merge at Blockchain Futurist Conference 2022.
- Regarding The Merge, the Altcoin Daily host shares his thoughts.
- Austin opined that ETHH classic would not be able to hold all the miners if they return to the classic chain.
Ethereum’s PoS transition, which is scheduled for the second week of September, faces a scary truth, claims Altcoin Daily YouTube channel host Austin Arnold. Specifically, Austin was pointing out Vitalik Buterin’s session at the Blockchain Futurist Conference 2022, held in Canada.
To elaborate, Austin went on to say that there are some hair-raising truths regarding the ETH merge. He focused on subtopics Buterin spoke on post-merge Ethereum – scalability, digital identity with ENS protocol, and attestation (proof of a person).
Austin also explained that the ETHPoW published in an open letter that PoW to PoS is like the transition from miner-led ETH fork to staker-led fork. This means that the ETHPoW team is not switching from PoW, but implementing a hardfork.
However, the team also added that a miner-led algorithm is an unavoidable one and they have removed the “difficulty bomb” on its version of the Ethereum code for the preparation of the fork.
Adding on, the ETHPoW team’s letter was for ETC Cooperative, the team behind Ethereum Classic. For the unknown people, ETH was forked out of ETH Classic.
The team added:
The small pool of ETC cannot hold the entire computing power pool of ETH at all. This is a hard fact. In the face of such hard facts, this hard fork is inevitable,” the ETHPoW team said.
However, Austin said that he does not accept the remark that the Ethereum classic would not be able to hold all the miners if they choose to come back to the original classic chain.
The Ethereum team had already claimed that this merge is the most significant upgrade in the history of Ethereum and the ETH holders do not have to worry about the changes. Instead, they can rest assured that their stored or staked ETH will be converted from ETH to ETH2 post-merge.
More so, the new PoS consensus layer Beacon Chain will eliminate the need for “energy-intensive mining” and instead secure the network using staked ETH. Stakers will be unable to make withdrawals on their staked ETH 6-12 months after the merge.
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