How much ETH does the Ethereum Foundation own? 🧐 The exact figure may surprise you... 👇
The Ethereum Foundation describes itself as "a non-profit that supports the Ethereum ecosystem" — and says it's best described as a community of teams rather than a traditional organization. While some teams focus on developing new pieces of technology, others examine the challenges and opportunities that lie ahead.
Stressing that it has a long-term mindset, the foundation said the impact of its community "will be measured in decades and centuries — not quarters and fiscal years," adding:All of this comes as Ethereum continues to work on plans to move away from an energy-intensive Proof-of-Work blockchain — and make miners obsolete by switching to a Proof-of-Stake consensus mechanism.
The high-stakes project, which is arguably equivalent to completely renovating your house while you're still living in it, has been delayed once again. This means that a long-awaited "merge" between both blockchains won't be happening in June as scheduled. Last week, Ethereum Core developer TIm Beiko revealed on Twitter that this milestone will likely happen in a few months' time, adding:He also "strongly" suggested that current Etherem miners shouldn't be investing in new equipment at this stage.Beyond the environmental impact, moving to Proof-of-Stake is regarded as crucial for lowering fees to more affordable levels… and increasing the number of transactions it can handle per second.
Exasperation over how long the merge is taking has sparked a rise in so-called "Ethereum killers" such as Solana, Cardano and Polkadot — with all of these protocols wrestling away market share for things like non-fungible tokens and decentralized finance protocols.
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