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1/9
#EthereumMerge from another point of view.
The MERGE is not a great opportunity, but a giant COMPROMISE! Here's why:
"MERGE" is the term we are using to refer to the joining of the old Ethereum chain with a PoW consensus, to the new chain with a PoS consensus.
1/9
#EthereumMerge from another point of view.
The MERGE is not a great opportunity, but a giant COMPROMISE! Here's why:
"MERGE" is the term we are using to refer to the joining of the old Ethereum chain with a PoW consensus, to the new chain with a PoS consensus.
2/9
This is the first step in a long series that Ethereum will see in the years to come. But what are the real reasons that led Ethereum to make this transition?
The game is quickly told, Eth wants to become more scalable, that is, to allow more transactions and at a lower cost
This is the first step in a long series that Ethereum will see in the years to come. But what are the real reasons that led Ethereum to make this transition?
The game is quickly told, Eth wants to become more scalable, that is, to allow more transactions and at a lower cost
3/9
While at first glance this may seem great to us, we have to ask: but what is the price we pay for this scalability? The answer is very easily "the distribution of the network."
While at first glance this may seem great to us, we have to ask: but what is the price we pay for this scalability? The answer is very easily "the distribution of the network."
4/9
It turns out in fact very clear how the Proof of Work consensus algorithm cannot sustain the growth plans so from my point of view more than thinking that Ethereum WANTED to make an upgrade, I would rather say that it HAD to compromise.
It turns out in fact very clear how the Proof of Work consensus algorithm cannot sustain the growth plans so from my point of view more than thinking that Ethereum WANTED to make an upgrade, I would rather say that it HAD to compromise.
5/9
The Proof of Stake consensus algorithm is by its nature a system that tends to centralize the network and this risks making a network that has already been subject to several castrations in the last period even more censorious. Why is this easily guessed?
The Proof of Stake consensus algorithm is by its nature a system that tends to centralize the network and this risks making a network that has already been subject to several castrations in the last period even more censorious. Why is this easily guessed?
6/9
To date, the major holders of Ethereum (thus validators of the chain) are institutions and exchanges. Both have been very clear in expressing their total support for regulation and legislation.
To date, the major holders of Ethereum (thus validators of the chain) are institutions and exchanges. Both have been very clear in expressing their total support for regulation and legislation.
7/9
Simply put, the Ethereum consensus is in the hands of those who have no intention whatsoever of going against censorship that will come from institutions.
Simply put, the Ethereum consensus is in the hands of those who have no intention whatsoever of going against censorship that will come from institutions.
8/9
I leave you with this question: what good is a blockchain that does not take the middleman off the table? The post is intentionally provocative, but I hope this may open your eyes to what we are really facing.
I leave you with this question: what good is a blockchain that does not take the middleman off the table? The post is intentionally provocative, but I hope this may open your eyes to what we are really facing.
9/9
Despite all this I will continue to be an investor in this chain, for the reasons I will explain shortly on YouTube (in Italian).
Despite all this I will continue to be an investor in this chain, for the reasons I will explain shortly on YouTube (in Italian).
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