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One of the more unlikely reactions is that Ethereum may revert to the mining model pioneered by Bitcoin, as it shifts towards a proof-of-stake algorithm, rewarding users with tokens for locking up tokens to secure the network. This, in itself, is improbable—Ethereum developers inside and outside the Ethereum Foundation spent years transitioning to Proof of Stake.
Vitalik Buterin proposed the idea of Ethereum back in 2013, and even then, he envisaged that blockchain might need to transition to Proof of Stake, a "consensus model" that was still in its infancy at the time. It wasn't until 2020, five years after the network was actually launched, that Ethereum staking took a tangible first step with the launch of the beacon chain.
Ethereum developers deployed and rebuilt many testnets to try to transition to staking over the years, and a "de-merge" might take just as long.
Beyond the scale and cost-effectiveness of staking, part of the issue is that mining is a purposeful consumption of energy, something developers are keen to move away from. After the merge, theoretically, Ethereum's energy consumption drops by 99%—a move that would quell criticism of cryptocurrency's environmental footprint.
Paul Brody, EY Blockchain Leader, told CoinDesk: "I can't see any outcome that would lead to a merge like you describe."
Ethereum is Ethereum, and Ethereum Classic is Ethereum Classic, even if Ethereum Classic (ETC) effectively maintains the "original, unaltered" history of the blockchain. Given that the network is already operational, this is certainly an easier solution than a "de-merge."
Of course, Ethereum Classic has undergone several contentious hard forks. Ethereum alternatives have, too: EthereumPoW (ETHW), which was introduced as a fork to preserve proof-of-work during the merger. |
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Post time 2-4-2024 12:27:00