After The Merge upgrade ended, Ethereum went fully into PoS. Many people may still be wondering how the use of the Ethereum PoS network has changed now. So what future upgrades will come out? On Friday Sept. 23, 20, the Bitcoin Addict Thailand team had the opportunity to interview with Mahachai, an expert and die-hard Ethereum fan, to update how the Ethereum PoS network is moving.
How the ETH Network Has Changed After The Merge
Ethereum’s The Merge upgrade is an upgrade that completely changes the structure of Ethereum’s transactions, but as a consequence, users who do not join as validators or network transaction validators may not be able to. Are you aware of any changes? But what is noticeable is that block verification on the Ethereum Blockchain is faster.
“The merge has to be functional, from the end user, from the participant to the validator nodes, which if it is an end user or end user. There is almost no need to set a new metamask or wallet because it changes the network infrastructure. It is noticeable that the block time is faster, usually less than 12 seconds, but when briging across a chain or even between mainnet and L2, such as Optimism, Arbitrum, etc, will see a longer confirmation time.”
But if users join as validator nodes or staker, they may need to learn more about Blockchain and rewards.
“With that being said, the Ethereum world after the merge will be PoS, the infrastructure work is completely different for validator nodes or staker, one has to have a thorough understanding of epoch and blocks to begin to understand the different types of rewards. complicated It can take many forms, from attestation rewards, sync committee rewards, block proposal rewards, MEV boost, etc. It is advisable to do a more in-depth study outside of this article.”
Prepare to wait for the Shanghai upgrade.
After The Merge upgrade is complete, Ethereum will have another important upgrade that people have been waiting for called the Shanghai Upgrade.
The Ethereum team will prepare proposals written on Github for people to read about the progress the developers have made on the network. The Shanghai upgrade is inserted into an offering called EIP-4895, primarily for the withdrawal of ETH coins that users have staked on the ETH network.
“Shanghai upgrade will be the next network upgrade following the merge, usually an upgrade based on the Ethereum roadmap, as agreed by the community, with community calls over youtube and listening through the foundation forum all the time to determine by the community. “Which improvement proposals (EIPs) will be included? When it comes to software patches or upgrades, it’s like bringing the checklists of upgrades together into the same batch before putting them together for each upgrade.”
“Anyway, Shanghai Upgrade will discuss what to wear again. Of course, the issue of withdrawing the coins at stake is what the community wants to bring down, and the EIP-4895 has been drafted, which on github has a checklist and can track the dev’s work to find out what’s going on. Any progress in EIP-4895 is always possible.”
What does the community say about ETH PoS?
After the upgrade of The Merge is complete, we may see some controversy surrounding the use of the Ethereum network, such as withdrawing ETH coins over PoS or chaining to ETH PoW.
On the part of Mr. Mahachai, ETH PoS upgrade is considered another success in the software industry, even praising it as an unprecedented achievement in the software industry.
“Of course, ETH POS caught the eye of the world because it was a software upgrade on a large network. Called the largest in history that has it all. If you compare it to the picture, it’s like changing the engine of an airplane mid-air. Not just an oil change which was much more than I expected. If anyone understands software development and sees how smooth it can be transformed into a best case scenario, this is a success in the software industry like never before.”
Additionally, the upgrade of The Merge comes in to adjust the payouts of rewards, which in turn balances the economy on the Ethereum network.
“For the interest in tokenomics, this is a fundamental turning point. It can make ETH a coin that pays Block reward sparingly or Minimum Viable Issuance is not paying too much. Coupled with the EIP-1559 burning base fee, the ETH supply makes the most sense, with a decrease in supply based on active demand.”
After major upgrades of each crypto project, it is very common for people to pay attention to whether the crypto price of that particular project will increase or not. Like Ethereum, however, in terms of the Ethereum price, experts view it as being directly dependent on the global market.
“As for the price Because it all depends on the liquidity of the world market. and is a period of financial tightness. Therefore, it may not show the price as expected at this time.”
A Message to ETH Fans and Bitcoin Fans Addic Thailand
Before leaving with this article, Mahachai would like to leave some good thoughts for all readers and warn you to be careful of investing in the crypto market due to the high risk and focus on investors. critically
“Extremely knowledgeable that Bitcoin Addict Thailand honors, contacts and appreciates crypto students in the industry. Although we have different stances. I want you to understand Maybe I have a rather strong opinion on which side? I have to apologize because I saw many people who had lost their investment in UST at that time. The damage was too much for the people around to adjust in time. Therefore, we want us to try to use the information in the industry carefully. And don’t trust each other too much. is to always check for accuracy. including from me because of this circle In the information war all the time, the information we receive on the online world is distorted in every aspect, every story, all the time. In the end, our money can’t be blamed on anyone if it’s damaged. because trust is too fast or even ideal It may be only in certain situations, at certain times, the movement of the financial world. it changes all the time not ideal or personal beliefs of anyone or any group.”
The Bitcoin Addict Thailand team would like to thank Khun Mahachai for the interview.
Compiled by Bitcoin Addic Thailand team