Curious: will it be more energy efficient?
Future, ETH will grow with power requirements too... just a lot more slowly... ASICs for zero knowledge are coming, which will create a bit of an energy race. Staking will always be increasing... which will require compute and power.
At the end of the day, overall, the existing power usage won't actually go away... it will just get moved to other things. Always remember that power companies are incentivized to sell their power to the highest bidder...
"Type 1 aims to replicate Ethereum exactly, and so it has no way of mitigating these inefficiencies. At present, proofs for Ethereum blocks take many hours to produce. This can be mitigated either by clever engineering to massively parallelize the prover or in the longer term by ZK-SNARK ASICs."
...
"Personally, my hope is that everything becomes Type 1 over time, through a combination of improvements in ZK-EVMs and improvements to Ethereum itself to make it more ZK-SNARK-friendly."
In other words:
Switching to PoS, removes power allocated to GPUs for ethash mining. Adding ASICs for zk creates a requirement that doesn't exist today, for using power.
It’s like saying the internet needs more energy to run when a new application is developed. No, the internet is the same, it’s the application that now needs energy. So while the total energy the internet uses has increased, it did not increase the total required for the internet to exist itself.
The Merge will reduce Ethereum's energy consumption by ~99.95%.
I also reveals how centralized ethereum really is in terms of who holds the power: a blockchain where the devs can screw the miners like this isn't really reassuring…
Bitcoin's carefully crafted balance of power (and the disapearance of Satoshi) lead to a technological deadlock where nothing can really change, while Ethereum's totalitarian governance model allows it to iterate on the technology, but lost the freedom ideal in the process …
The bigger problem with PoS is that there's no ongoing cost. Buy your stake, don't fuck up and you're making money. Not true with mining, and this changes the incentive landscape quite a bit.
It's not a screwing if they've known the roadmap the whole time....
Like... Can i buy bread and milk with this thing any time soon?
> Misconception: "The Merge will reduce gas fees."
> False. The Merge is a change of consensus mechanism, not an expansion of network capacity, and will not result in lower gas fees.
> Misconception: "Transactions will be noticeably faster after The Merge."
> False. Though some slight changes exist, transaction speed will mostly remain the same on layer 1.
No.
Ethereum still cannot be used as a form of payment.