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Video丨The “merger” of Ethereum is approaching, how will it affect the Web3 world? Source丨Tencent Technology In the digital circle, there are a group of miners who purchase graphics cards for computing power mining and obtain the block reward ETH on the Ethereum blockchain. As the price of ETH rises in 2020, miners compete with gamers for graphics card production capacity in order to obtain more profits, which has directly led to the doubling and doubling of graphics card prices in the past two years, making gamers miserable. However, after entering 2022, graphics card prices began to fall. Because, according to the plan, the script for Ethereum to "merge" and change the mining method is getting closer. Today's "Crazy Metaverse" video will take you to take a look at this Ethereum "merger" that frightened miners and caused the graphics card market to plummet overnight.  When it comes to Web3, we have to mention the king of public chains - Ethereum. The birth of Bitcoin in 2008 brought blockchain technology ； In 2013, Ethereum closely integrated blockchain with smart contracts, allowing us to develop various blockchain applications on the blockchain. After this, Web3 applications had the soil to survive and develop. Ethereum is positioned as the "world computer" and has the world's largest developer community and the largest number of DAPPs. However, the user experience of Ethereum, the king of public chains, is not good. As you can see on the OKLink blockchain browser, the Ethereum blockchain based on the PoW algorithm now packs a block approximately every 15 seconds. Each block contains 150-300 transactions, which can only process 10-20 transactions per second. If you are trying to grab red envelopes, your group friends have already started sending "Thank you boss", but you are obviously the first one to order it, but you are still spinning around. This is intolerable! It is not difficult to guess that network congestion often occurs in such an Ethereum network. At this time, if you want to complete the transaction faster, you will have to pay more gas fees, which can even cost hundreds of dollars in peak times. Whenever this happens, the user experience becomes very bad. It is also for these reasons that the current processing speed of Ethereum cannot even support ordinary commercial applications, let alone become a "world computer". In order to achieve the goal of becoming a world computer, Ethereum set four development stages when it was born in 2014: Frontier, Homestead, Metropolis, and Serenity. Now that the first three phases have been completed, the fourth phase, Serenity, is the final form of Ethereum, which is what we often call Ethereum 2.0. 丨How is Ethereum 2.0 designed? Its biggest change is to introduce sharding and beacon chains, and to convert its PoW mining to PoS mining.  Ethereum 2.0 improves the network's processing capabilities by introducing Shard Chains. The current plan is to establish 64 shard chains. Each shard has a group of validators responsible for packaging and verifying blocks. The original Ethereum main network (PoW Main Chain) will eventually become a shard. Just imagine, the same transaction pool now has so many chains being processed at the same time, just like a highway suddenly becomes 64 in width, the processing speed will inevitably be greatly accelerated, and everyone's user experience will be smoother. But the shards need to communicate with each other, and these shards need a central system, like the human spine, to coordinate the movement of the limbs. The Beacon Chain is the central part of the entire Ethereum 2.0 network, or the "command and control center." It will randomly assign validators to the shard chains, and will also serve as the hub to help the shards achieve cross-shard communication to ensure the security of the entire system.  In addition, another major change in Ethereum 2.0 is that PoW mining will be converted into PoS mining. Dear viewers, please focus on the key points. You will definitely pass the final exam! We can understand PoW mining as everyone earning ETH rewards by obtaining the qualification to produce blocks through mining machine calculations. In order to protect the stability of the chain, it will automatically adjust the difficulty of the questions to ensure a stable number of blocks within a certain period of time. Because the pie has a certain amount, the more mining machines there are, the more involuted it becomes. This consumes huge amounts of electricity every year. According to Digiconomist data, miners around the world consume up to 93.98 trillion watt hours of electricity every year, which is close to 94 billion kilowatt hours of electricity. Oops! No wonder it is classified as backward production capacity by the country, it consumes too much electricity! After switching to PoS mining, everyone can obtain the qualification to produce blocks by staking ETH and earn rewards. From offline equipment mining to online staking mining. In this way, everyone will peacefully vote to decide who will be responsible for the calculation of the next block, which perfectly solves the problem of waste of electricity and energy. Of course, the fourth stage cannot be achieved overnight and must be carried out in stages. The beacon chain was launched at the end of 2020 and operates in the form of PoS. There are currently more than 400,000 active validators, and nearly 13 million ETH have been mortgaged into the beacon chain to maintain consensus, and the operation status is very good.  While the original chain still operates in the form of PoW as the execution layer, Ethereum has entered a stage of PoW+PoS mixed mining, paving the way for the transition of the entire network to PoS. According to the roadmap, Ethereum will "merge" in 2022 and then shard.  Merger means merging the beacon chain running PoS with the original chain running PoW, and stopping the PoW part of the original chain. This upgrade represents Ethereum's official switch to PoS consensus. This will bring drastic changes to the mining industry of Ethereum, because after Ethereum switches from P0W to PoS mining, the original PoW miners will no longer be able to participate in Ethereum mining.  For Ethereum miners, the only thing they can do now is to run at full capacity until the last PoW block is generated. After that, miners will no longer hoard graphics cards, so the price of graphics cards will definitely drop. The launch of Ethereum 2.0 will have a huge impact on the second largest mining ecosystem on the planet. Miners may not give up their mining resources easily. They are likely to fork Ethereum 2.0, but this is a story for another day. But for the entire Ethereum ecosystem, the encryption world, and the Web 3 field, the "big merger" event of Ethereum 2.0 is a major event with far-reaching consequences. So, will the merger go ahead as planned? Where will the PoW miners who compete with gamers for graphics cards go? Continue to pay attention to "Crazy Metaverse" and give you the latest progress of Ethereum 2.0.  ▼Highlights ▼      |
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