Bullish Expectations From The Ethereum Merge Rise Post Chainlink’s Announcement
The upcoming Ethereum blockchain upgrade has received different reactions and comments within the crypto industry. The launch of the upgrade, also known as the Merge, is to be within August 2022. Many experts in the syst...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
The upcoming Ethereum blockchain upgrade has received different reactions and comments within the crypto industry. The launch of the upgrade, also known as the Merge, is to be within August 2022.
Many experts in the system have confidence that Merge could be a bullish event that would positively impact the blockchain. But there are still some concerns about the possible post-merge hard forks on the network.
When it comes to the cryptocurrency space, every network has a consensus mechanism for its operations. This is what helps in the validation of transactions and to maintain the security of the ecosystem.
Also, it ensures the positive sustainability of the network by creating new blocks and tokens. The most popularly used mechanisms are the Proof-of-Work (PoW) and Proof-of-Stake (PoS).
The Ethereum blockchain has been using the PoW mechanism, which requires a mining process for its transaction validation. The process consumes a lot of electricity or energy as it requires using computing machines. Also, most miners use fossil fuels to generate power, creating environmental pollution through carbon emissions.
But the Merge is a formidable change for Ethereum as the network would finally shift from PoW to PoS consensus mechanism. Moreover, the transition would solve the issues of energy usage inefficiency and reduce carbon threats in the atmosphere.
The blockchain must rely on staking for transaction validations and adding new blocks. But some setbacks could follow the transition.
Most of the concerns are centered on miners’ hard fork of the Ethereum network. According to Kevin Zhou of Galois Capital, there could be up to three hard forks on the blockchain with the launch of Merge.
Concerns About Post Ethereum Merge Hard Forks IncreaseThere are growing concerns in post-merge hard forks as the launch of Merge gets closer. The founder of Tron and Poloniex Exchange, Justin Sun, has pledged his support for any Ethereum hard forks.
However, for Barry Silbert, the founder of Digital Currency Group, support is only for Ethereum and Ethereum Classic. He maintained that he has no support for any post-merge hard fork on the blockchain.
Ethereum gaining momentum on the daily candle Source: ETHUSDT TradingviewOn its part, Chainlink has stated its support for Ethereum’s Proof-of-Stake layer. The protocol made its stance public through a blog post. It mentioned that it would not facilitate any hard fork from the Ethereum blockchain. Furthermore, Chainlink confirmed that Ethereum’s move to PoS is a unanimous decision by the community, and it agrees with such a change.
Also, in its advice, Chainlink pointed out how smart contracts could circumvent possible issues with post-merge. However, there should be a hold on their operations once they lack a distinctive strategy for migration after the Merge.
Featured image from Pixabay and chart from TradingView.ccomWhy this matters
This altcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on NewsBTCRelated market context
Ethereum Price Faces a Reality Check as EIP-8288 Puts Its Technology to the Test
Ethereum price is trading at $2,465, steady and calm on the surface. Underneath it, the network is being asked a much harder quest...
Crypto never closes, but Bitcoin, Ethereum, XRP and Solana now move on Wall Street time
Bitcoin trades nonstop, but a decade of data shows its volatility increasingly follows Wall Street’s clock. A recent study found t...
Researchers Cut the Estimated Quantum Cost of a Key Step in Attacking Bitcoin and Ethereum by More Than Half
An open challenge to optimize one component of a quantum attack on Bitcoin and Ethereum has produced a circuit far cheaper than th...
Ethereum (ETH) Price Prediction: ETH Holds Around $2,500 as Falling OI Raises Risk of a Range-Low Retest at $2,200
Ethereum’s latest recovery has returned price above $2,500, but the broader setup remains vulnerable as price trades near resistan...
Ethereum (ETH) Price Prediction: Coinbase Premium Recovers as $2,550 Breakout Puts $3,000 Back in Focus
Ethereum is trading near $2,470 after climbing around 0.08% over the past 24 hours, according to Brave New Coin data. The latest p...
Philadelphia Fed finds Bitcoin traders follow whale signals faster than Ethereum users
A Federal Reserve Bank of Philadelphia working paper published this month found that public notifications of large crypto transfer...