The Ethereum Merge: Risk, Flaws And The Pitfalls Of Centralization By Dylan Leclair And Sam Rule We know that for most of you, having to read the world “Ethereum” can be annoying, but bear with us. This article is a technical and perspicuous analysis about the controversial changes and turmoil that the current most known alternative cryptocurrency is involved in right now. Ultimately, we all can learn from the mistakes of others. In an attempt to scale the platform, Ethereum is planning to undergo its long-promised protocol change from a PoW (proof-of-work) consensus mechanism to a PoS (proof-of-stake) consensus mechanism in the near future (tentatively on September 15). While much of the reasoning for the protocol shift is possibly flawed, studying and comparing the mechanisms, risks and governance of a PoS consensus against a PoW consensus like Bitcoin can be very useful and enlightening. Ultimately, from an idealist point of view, an attempt to construct a new permissionless infrastructure of financial applications using Ethereum is novel, but the rationalist in many Bitcoiners believes that the narratives of true decentralized infrastructure and “ultra-sound” monetary properties are more of a marketing gimmick than reality. |