In a recent interview, 7 developers who work more or less actively on the blockchain gave their opinion on The Merge. And the general consensus seems to be very positive regarding the new blockchain dear to Vitalik Buterin. They are all looking to the future now.
The Merger: The biggest decarbonisation in history!
This Thursday, September 15, after 7 years of good and faithful service, the Proof of Work validation agreement gave way to a much lower energy consensus based on the Proof of Pledge. So this operation greatly reduced the electricity consumption of the blockchain: -99.988%. The carbon footprint was reduced by 99.992%. Where Ethereum spent 1,000 resources in Proof of Work, the blockchain now only consumes one. The change is drastic.
The developers interviewed place particular emphasis on the methods of this decarbonisation. In a world where offsetting carbon credits is the norm, the blockchain has achieved massive decarbonisation at the system reform. According to them, with a more sustainable Ethereum can solve the ethical issues of many project creators or developers. Especially in the NFT sector. Now, it seems that nothing in the way of the NFT revolution continues to develop on the Ethereum blockchain.
But the shift from Proof of Work to Proof of Stake also had an impact on blockchain security. And now the Ethereum network is 51% safer against attacks.
A more democratic blockchain
If The Merge has greatly improved the carbon footprint of the Ethereum blockchain, the 7 developers interviewed state that the validation is also now more democratic.
Henceforth, the blockchain is much more modular since it more harmoniously integrates the execution layer, the consensus layer as well as the second layer networks. Due to the redistribution of the global architecture it is possible to offer a more scalable network where the rewards are more evenly distributed between the participants.
Economies of scale between Proof of Work and Proof of Stake also do not apply in the same way. Furthermore, even if the distribution of nodes is not completely equal, all nodes will have an equal chance of receiving a reward.
Ethereum: Blockchain of the future!
According to the developers interviewed on the issue, the new Ethereum thus opens many doors. The network, they believe, could help reverse the dynamics of power by returning it to individuals. The Ethereum blockchain will also be a blockchain for coordinating projects, whether between developers, companies or even governments.
Hundreds of developers around the world working on Ethereum hope to make this space a privileged place for collaboration. Because they believe that Ethereum is above all intended to create value for everyone, in a sustainable way and without wanting to sacrifice security or energy efficiency. The merger also removed barriers to scalability. More suitable for developers, this new version of Ethereum opens the door for development activities related to web3.
Good to know: The 7 developers who commented are all actively working on the Ethereum blockchain. Some of them like Mikhail Kalinin have even been working full-time on the blockchain since 2015. Others like Marius van der Wijden are also members of the Ethereum Foundation.