Following the global Ethereum Merge, a series of post-merge events have taken centre stage around the world.
Ethereum Nigeria held its first Ethereum Merge event in Lagos a few weeks ago and in continuation of its drive to push blockchain technology across Africa, the community hosted the “Beyond Ethereum Merge” Meetup to round up the FIL Kaduna event.
Paul Oamen, a Blockchain developer discussed “Beyond Ethereum Merge”, explaining its fundamental meaning, why the transition from Proof of Work (PoW) to Proof of Stake (PoW) was a necessity, its consequences, how it would solve the global energy consumption challenge and what happens to developers after the merge.
In his introductory statement, “The Merge was the joining of the original execution layer of Ethereum (the Mainnet that has existed since Genesis) with its new proof of stake consensus layer, the Beacon Chain.”
In his words, PoW requires numerous nodes competing mathematically to solve complex problems. This challenge will only be favorable to powerful computers that have the capacity to mine. PoS comes to solve the difficulty, energy consumption, and high computational power.
Ethereum PoW consumes 112 Terawatt(TW) amount of energy per annum, but with the PoS, that quantity has gone down to 0.26 TW.
“The Merge will also set for further scalability upgrades not possible under PoW, bringing Ethereum one step closer to achieving the full scale, security and sustainability”, added Paul.
Paul cleared the air that The Merge will not lower gas fees nor increase transaction speed. He also stated some possible negative consequences which include Initial Weak Decentralization and Arguments on Eth being a security token.
The Merge was designed to have minimal impact on how Ethereum operates for end users, smart contracts and dApps.
According to Paul, here are some expected changes Beyond Ethereum Merge:
Deprecation of some testnet environments
Possible but rare change in some protocols
Clearly define block time (about 12 seconds)
Concepts of safe heads and finalized blocks
Concluding Paul listed four major expectations to come up with after The Merge: