The goal of the Merge is to fuse together both chains such that Ethereum’s existing blockchain (currently PoW) relies exclusively on the Beacon Chain for creating network consensus and jettisons proof-of-work entirely. Running in parallel to Ethereum’s PoW chain is the Beacon Chain, a separate blockchain that has been running Ethereum’s new Proof-of-Stake (PoS) consensus protocol, Gasper, since December 2020. To understand the risks associated with the Merge, it is important to first understand the processes that will take place to initiate this transition to PoS.Ĭurrently, transactions on Ethereum are finalized through a Proof-of-Work (PoW) consensus protocol known as ethash. In this report, we look at the execution risks associated with Ethereum’s Merge upgrade. What to expect from Ethereum’s Merge UpgradeĮthereum All Core Developers Call #140 & Consensus Layer Call #89 WriteupĮthereum All Core Developers Call #139 & Consensus Layer Call #88 WriteupĮthereum Consensus Layer Call #87 Writeup Read our other coverage on Ethereum’s forthcoming merge upgrade here: As the world’s largest general purpose blockchain by market capitalization, as well as total value locked, there is a lot of value and reputation at stake for Ethereum as it undergoes such a massive transition. The upgrade will overhaul Ethereum’s existing proof-of-work (PoW) consensus protocol to a new proof-of-stake (PoS) consensus protocol and in doing so, significantly change all core functionalities of Ethereum including block production, transaction finalization, and network issuance. This report dives into how the Merge upgrade will be activated on Ethereum and what execution risks are associated with this unprecedented code change.ĭevelopers are preparing to implement Ethereum’s most ambitious hard fork upgrade known as the Merge. It contains three main steps and requires node operators to begin operating two software clients, as opposed to one. As the network’s most complex and radical code change to date, the activation process for the Merge is unlike any previous hard fork procedure completed on Ethereum. The Merge upgrade is Ethereum’s long-awaited transition from a proof-of-work (PoW) consensus protocol to proof-of-stake.
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