Crypto Blog
A year after its momentous transition to proof of stake, Ethereum has experienced a substantial decrease in energy consumption and a notable enhancement in network accessibility. However, there are still several technical challenges to address moving forward.of the Ethereum mainnet with a distinct proof-of-stake blockchain known as the Beacon Chain.
However, in the wake of this upgrade, concerns about centralization and censorship have emerged. There is apprehension that control over transaction verification on the network could become concentrated in the hands of a few entities, such as exchanges or projects facilitating pooled funds for staking rewards.Before the merge, there were specific concerns regarding exchanges like Coinbase participating in staking due to U.S. sanctions against Tornado Cash, a coin-mixing service.
Looking ahead, the Ethereum Improvement Proposal -4844, also known as “proto-danksharding,” is anticipated to lower gas fees and enhance transaction throughput by introducing data-containing blobs. These blobs hold a substantial amount of data similar to blocks but are not permanently stored on the Ethereum virtual machine. This development is poised to improve the blockchain’s data processing efficiency and cost-effectiveness. The upgrade is slated to be implemented later this year.
Tim Beiko, a core developer who provided insights on the developer call, remarked, “In short, this would slow down the rate at which the percent of ETH stake grows in the worst case.”For Ethereum to achieve widespread adoption, it’s crucial that the network efficiently process a large volume of transactions. However, it’s worth noting that the merge wasn’t primarily aimed at boosting Ethereum’s speed.
The recent surge in layer-2 technology can be attributed in part to the secure foundation established by the merge at Ethereum’s core level, as highlighted by Nebojsa Urosevic, co-founder of infrastructure solutions provider Tenderly. He noted that the merge indeed laid foundational bricks for further scalability enhancements. Post-merge, we’ve seen a bolstered commitment to layering approaches, with layer-2 solutions coming to the forefront., he added.
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