The merger of Ethereum and the story around it.
Ethereum is the second largest cryptocurrency by market capitalization and is likely to be second only to Bitcoin. In an effort to hijack Bitcoin and dominate the crypto market, Ethereum makers have proposed a strategy.
“merge”
Vitalik Butterin, along with a couple of core ETH developers, acknowledged that Ethereum integration could take place in August. Primarily, the merger is important from an investor’s perspective as it gives investors the opportunity to trade Ethereum at a higher value. From an internal point of view, merging is important to face the blockchain-coded “difficulty bomb”.
Take a look at the tweet below:
At the Eth Shanghai Summit, Vitalik said the Ethereum merger (POW to POS) is likely to take place in the summer of August. September or October is also possible if there is a potential risk. live:https://t.co/WSl2IpAyJW
— Wu Blockchain (@WuBlockchain) May 20, 2022
It is very clear that Vitalik Buterin wants to complete the merger as soon as possible to take Ethereum to the next level.
What is a difficulty bomb? Let’s check.
The difficulty bomb was coded on the blockchain by the coder with the 2016 merge in mind. In fact, Ethereum is working on Proof of Work, and crypto miners have to complete complex puzzles to validate transactions. This process requires the use of large amounts of computer power, which causes dents in the environment. To be environmentally friendly, Merge will see how to validate transactions according to the number of coins donated by the user. However, difficulty bombs do not make it easy for users. As the name implies, once the bomb enters the blockchain, the puzzle becomes more difficult and the mining process becomes nearly impossible. This situation can lead to what Ethereum developers call the “ice age.”
Why was the difficulty bomb coded? And what are its drawbacks?
Difficulty bombs were coded for the simple reason of incentives for miners, furthering the concept of adopting the Proof of Stakechain. The risk associated with a bomb is that if the bomb occurs or arrives before the merger, the Ethereum network will slow down rapidly. If the bomb is activated and the developer needs time to test the merger, it is the responsibility of the coder to spread the bomb as soon as possible to avoid the catastrophic consequences of Ethereum.
The writer’s report.
While there are many promises that Ethereum will dominate the crypto market thanks to the merger, the difficulty bomb codes set by them can also backfire and have catastrophic consequences. As mining becomes more difficult, their ability to solve puzzles depends only on the miner. In a difficult bomb, you need to merge to take Ethereum to the next level as mentioned above.
