you can obtain the poap if you attended the party like so: https://youtu.be/Nx-jYgI0QVI?t=10993
The Ethereum merge is done
161–170 of 1001 posts
Re: The Ethereum merge is done
#162I assume it has been debated again and again, but since I don't know the answer I'm going to ask: We often complain people hold cryptocurrencies instead of using them as money. Isn't this change going to make this worse ?
Ethereum isn't supposed to be money (though it can be), it's fuel you use for doing other things. Do people use less oil because it's deflationary and gets consumed when used? No, because it's useful now. The most likely end game for Ethereum is being a replacement for all backend financial systems. Instead of having to hire teams of people to verify things or integrate various legacy systems together, everyone can b…
The most likely "end game" is not replacing all backend financial systems.
Re: The Ethereum merge is done
#163Congrats to the devs. This is a historic moment for computing and distributed tech, and will pave the way for Ethereum’s next updates: scalability, privacy, stronger censorship resistance, easier UX and account abstraction.
Re: The Ethereum merge is done
#164Earlier quoted context omitted.
The validator is randomly chosen, no? So we essentially have a lottery as a banking system now?
That was true with proof of work too. The merge doesn't change it.
In theory, yes. But in practice, most miners have joined a mining pool. Mining pools allow miners to share in the rewards, which means they have a vastly more predictable income per block. A solo miner would probably not have a statistically significant chance of finding a single block for the next 100 years, while pooled miners earn bitcoin through finding blocks roughly equivalent to the mining pools relative size compared with the total hash rate. Since mining is a cutthroat, bleeding edge, hypercompetitive system, that means dependability and stability are very important.
Re: The Ethereum merge is done
#165Earlier quoted context omitted.
Isn't it a little unfortunate that the acronym for Proof of Stake would be PoS? Couldn't they think of something else?
You mean people might confuse it with Point of Sale? /s
Don't be obtuse. They clearly imply people might think it means Point of Service.
Re: The Ethereum merge is done
#166I assume it has been debated again and again, but since I don't know the answer I'm going to ask: We often complain people hold cryptocurrencies instead of using them as money. Isn't this change going to make this worse ?
The merge won’t affect gas fees, which makes Eth unsuitable for small purchases when the network is busy. Apparently Eth will do other work in future to fix that though.
not just work in the future, work is being done right now! https://www.eip4844.com/
Re: The Ethereum merge is done
#167> The Merge is one of the largest technological events in the industry to date. I feel kinda ashamed. I work in the IT industry and I claim to have knowledge about ("good") software engineering practices, distributed systems, compilers, algorithms, etc. Nevertheless, I didn't understand a word of what the article is saying. Could you recommend serious references (preferably books and not random blogs) I could read to…
Read 'Mastering Ethereum' https://www.amazon.com/Mastering-Ethereum-Building-Smart-Con... The short of it is: - The block chain is a distributed ledger database, where all peers hold a full copy to avoid manipulation (faking an entry is only possible by controlling >50% of machines in this peer-to-peer network). - Spending money is implemented by adding a transactional record to the blockchain ledger at the end sayin…
Excellent and very clear summary, as far as I can tell. My only niggle is that smart contracts are, in practice, neither legally binding nor unstoppable... the story of the DAO Hack/Hard Fork [0] proved that consensus can overrule "the invisible hand of the blockchain" during a particularly egregious incident.
[0] https://ogucluturk.medium.com/the-dao-hack-explained-unfortu...
Re: The Ethereum merge is done
#168Earlier quoted context omitted.
PoW incentivizes renewable energy development. It's certainly not rolling it back. It used to also incentivize GPU production, but as of today that has been diminished as well. Instead it is only current asset holders who reap the rewards. EDIT: Edited to include at least one source on the connections between PoW and renewable energy. This just scratches the surface though. https://squareup.com/us/en/press/bcei-white…
Sure, that's why we had crappy GPU before crypto currencies. Gamers had to put off buying new GPU because they were misused for POW. Ask them about the "incentivized GPU production".
If anything, it incentivized the production of GPU artificially limited for the exact work needed for PoW. Good job!
Re: The Ethereum merge is done
#169Earlier quoted context omitted.
The validator is randomly chosen, no? So we essentially have a lottery as a banking system now?
That was true with proof of work too. The merge doesn't change it.
PoW was a system where you could buy lottery tickets by investing capital.
PoS is the same, except it doesn’t ALSO burn electricity that needs to be paid for by parts of the mining rewards.
Re: The Ethereum merge is done
#170For those interested in understanding the tech rather than the typical bashing things as beneath them, I wrote up a detailed technical explainer of how Ethereum PoS works: https://0xfoobar.substack.com/p/ethereum-proof-of-stake
I find the complexity of that algorithm both impressive ( since they seem to have made it work), but also quite worrying. I'm really not sure how such a beast can't be filled with bugs, not in the implementation but rather in the protocol.
I know a lot of very smart people are working on this, but i'd rather have something conceptually simpler to work as the base layer for a whole new economy.