According to the analyzes and details around the Merge, there will be great disappointment on the side of users. The reason for this disappointment? There will be no reduction in gas fees after the big meltdown. However, the energy consumption of the Ethereum 2.0 network will be reduced by 99.5%.
The Merge, will gas prices remain intact?
The Twitter account K3rnelPan1c.eth joined the Ethereum Foundation and DeFi trader Vivek Raman in providing clear explanations of the Merge issues.
” As always, with major and highly anticipated events, many misunderstandings or rumors circulate within the community. A quick tour of the top 5 received ideas about the upcoming merger “, he began his series of tweets
After explaining why there was no increase in transaction speed and no downtime after the Merge, here is what he said:
” 3/5 – Gas costs will drop after the merger
Still speculation, but the merger will change the global consensus algorithm and won’t increase network capacity – that’s why it won’t result in lower gas fees. However, there are staking solutions in development that may help. »
This agrees with the Ethereum Foundation statements reported by Cointelegraph :
” Gas charges are a product of network demand versus network capacity. The merger deprecates the use of proof-of-work, moving to proof-of-stake for consensus, but does not significantly change parameters that directly influence network capacity or throughput. »
To say that VivekVentures.eth already blew some explanations on the subject a month ago.
Only 1 month left before the switch to PoS
Looking at the history of ETH 2.0, there are so many things to tell about it. Surely you have heard of the “plausible roadmap” signed by Vitalik Buterin at the beginning of December 2021.
On occasion, we granted a long note regarding the ” Endgame from the co-founder of Ethereum. Lots of details about Buterin’s initial idea are waiting for you there.
The term “ETH 2.0” was even going to be removed from the Ethereum network due to a possible emergence of “ confusing mind model for future users.
Now that the Merge date has already been announced on September 19, ink is flowing on the web regarding this subject.
Basically, the Merge promises a network switch to a less energy-intensive consensus mechanism, the Proof-of-Stake (PoS). This will mark the abandonment of Proof-of-Work which is based on computing power.
Among the advantages of Fusion is the reduction of energy consumption of the Ethereum network. Indeed, it will be reduced to 99.5%. A boon for eco-friendly users.
It should also be noted that Vitalik Buterin has promised to reduce gas costs on the network. Note that in May 2021, the posted rate was $61 per transaction. Fortunately, this was currently revised down to $1.6.
And then there is the promise of the same V. Buterin to ward off the selfish in this paradigm shift.
To pick up on this gas fee reduction promise from the Ethereum co-founder, many will tip over in disappointment after this foundation fix. However, users will be able to content themselves with their contribution per transaction in the protection of the environment within the framework of the Merge. In short, you have to look on the bright side of things.
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