Speaking further about what the Merge stands for, Paul Oamen, a Blockchain developer and Web3 Maverick, explained that the Merge is the transition of the Ethereum mainnet from proof of work consensus algorithm to proof of stake.
Breaking it down, the transition according to Paul means that rather than allowing miners to validate a transaction through a complex mathematical proof (PoW), thereby consuming energy, there would be a voting system that selects miners for validation.
This time around the miners are now stakers as they would be required to stake (PoS) a certain amount of Ethereum to proceed with validation.
With the PoS algorithm, the validation process is open for all to connect to the Ethereum blockchain after staking, however, there are consequences for malicious activities on the part of stakers as they could lose almost their coin but get rewarded when they execute validation rightly.
It must however be noted that the Ethereum Merge isn’t here to solve the gas fees and the initial transaction speed challenge.
According to Paul, that challenge will be taken care of by people in layer 2 of blockchain. What the Merge is solving is to democratize validation on blockchain while reducing energy consumption. You do not have to own a large facility to start mining, with the Merge, this is coming easy.
Away from the Ethereum Merge, Paul also discussed, “The Web3 Storage Infrastructure”. He started with a timeline of the web evolution from web1, and web2 to web3, stating that web2 is a centralized system and users don’t own their content, howeverweb3 affords users to own their content as the system is decentralized and runs on blockchain.
Paul listed various examples of web3 storage infrastructure which include IPFS, Swarm, Filecoin, Arweave, Storj, Pinata, NFT Storage e.t.c
Eniola Osabiya, a Full Stack Developer and Founder of Gen Z Techies, commented on the event while testifying that the meetup was an eye-opener to what the Ethereum Merge is basically all about.
Rounding off the Meetup, Enoch expressed his appreciation for the success of the meetup while disclosing the available opportunities that Ethereum Nigeria is offering scholarships for participants to take part in a BootCamp where they can take courses on the technical and non-technical aspects of blockchain.