The end of a story – The long-awaited update ofEthereum fast approaching. The entire community of developers, creators and investors has their eyes on this historic event. Even critics of Vitalik Buterin and his protocol. Such a modification of its structure (without stopping the chain) raises many questions regarding the securing of assets in particular. The oracle protocol chain link took a stand and explained the stance he would take against the Merge.
A decisive position for the future of Ethereum
The technology offered by oracles (Chainlink, industry leader) is essential to the smooth running of the Challenge, to communication between blockchains. An essential pawn to build a multi-chain future and interoperability between structurally different ecosystems.
The ethereum blockchain is currently secured by a mechanism of Proof of Work, which directly remunerates miners for their computing power (to decrypt and mine blocks) made available to the network. By default, the Proof of Stake modifies the consensus (therefore the remuneration system) and de facto makes the profession of ETH miner disappear.
Cryptocurrency mining is a very expensive and very lucrative industry. The current miners therefore see the branch on which they are sitting being sawn off. Enough to fuel speculation around a possible forking.
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Some have tried, they had problems
While the cryptocurrency trading and exchange platform BitMEX listed a derivative contract on a hypothetical token ETH Coming from an equally hypothetical fork, Chainlink takes a different stance. And this choice is decisive for the future of Ethereum. Indeed, many DeFi services currently online rely in part on Chainlink’s technology. No oracle, no reliable data. No reliable data, no transactions. So no palace.
Chainlink announces its full support for the new Ethereum chain which will come from the Merge. It will not recognize a potential ETH chain that is still PoW-secured after September 19. If the Merge takes place on this date.
“Users should be aware that breakout versions of the Ethereum blockchain, including PoW forks, will not be supported by the Chainlink protocol. This is in line with the decision of the Ethereum Foundation and the wider Ethereum community, achieved by social consensus, to upgrade the Ethereum blockchain to consensus PoS.”
All bets are currently on the table and speculation is rife around the major event of the year. Total success, partial failure, it is still difficult to understand all the parameters present. This largely explains the time this update is taking to be effective. The challenge is daunting and could be reduced to open-heart surgery on a patient running a marathon.
Much like geopolitics, The Merge carries high stakes. For your safety, choose a solid and credible partner. Register now on the PrimeXBT platform (commercial link).