Original title: "The Four Pillars of the Merge To Proof of Stake: How Ethereum Will Evolve"
Original source: ConsenSys Blog
Original compilation: 0x711, Rhythm BlockBeats
Original compilation: 0x711, Rhythm BlockBeats
Ethereum’s incorporation into proof-of-stake (PoS) will be its most significant upgrade to date, second only to the genesis block. It will show the world how a mainstream decentralized system can completely eliminate carbon footprint. The merger will quell the controversy over Ethereum's proof-of-work (POW) consensus mechanism, and will provide society with a stronger foundation of trust: Ethereum, a deflationary currency whose utility continues to grow, ultrasound money. Therefore, the importance of Ethereum's migration to PoS cannot be underestimated.
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Key contributions from the ConsenSys protocol team
We believe that a decentralized network like Ethereum can help society achieve more, and we have devoted a lot of manpower, products and resources to bring PoS to Ethereum.
As the merger looms, we hope to restore confidence in the ecosystem by illustrating how Ethereum will upgrade. These are the four key points of the merger.
Key point 1: Diverse and open
PoS will democratize network participation and enable a more equitable distribution of rewards through new incentives, validators, and innovations.
New incentives are designed to encourage greater participation from single-node validators while holding larger players accountable. Take the anti-correlation mechanism as an example. Compared with large stakers such as Coinbase or Lido who operate thousands of nodes, this mechanism is less punishing for single-node validators. The anti-correlation mechanism implements the principle of "greater power comes greater responsibility", encouraging large participants to be consistent with network goals such as client diversity.
PoS not only reduces resource requirements for validators, but also aims to reward all participants, not just those with the most computing power. While there will still be network participants with more nodes and whales staking, each node will have an equal chance to be rewarded.
It's also important to remember that while PoS will help diversify Ethereum by introducing new participants, validators still have a responsibility to help facilitateClient diversity.andBesuandTeku, we still want users to be evenly distributed outside of our client.
Innovations like staking pools lower the barrier to entry and allow multiple parties to pool their ETH to meet the minimum staking threshold of 32 ETH. ConsenSys isRocket Pool DAOOne of 14 organizations supporting fully decentralized staking pools.
Upgrading to PoS will make Ethereum more open and diverse.Diversity in clients, validators, and Layer 2 will also ensure a healthy and scalable network that democratizes participation.
Key Point Two: Energy Efficiency
Evolving the network's method of reaching consensus ensures that Ethereum canSustainably supporting the next generation of Web3 creators and developers.
PoS will reduce the energy consumption of each transaction by 99.95%, which is roughly equivalent to the energy consumption of the Netherlands, and the energy consumption of a single transfer can be as low as streaming Netflix for an hour (234 watts) or brewing a pot of coffee power consumption (40 watts). Ethereum will make the world better, not hurt it.
PoS upgrades will alsoMaking Ethereum more modular. This modularity separates computational execution from the consensus layer, which will allow the network to run with less energy.
Additionally, fromL2 rollupsThe increased efficiency of sharding and sharding will reduce the energy consumed by Ethereum by orders of magnitude.
Key point three: seamless transition
Developers working on Ethereum need not worry about the transition, as the common API of the pre- and post-merger architectures and the reuse of existing components such as the Ethereum execution clients Besu and Geth will ensureseamless transition, and guarantee an uninterrupted experience for developers. This means that existing applications needLow or no chance of redoing, but we still recommend testing it thoroughly.
The similarity of PoW and PoS interfaces means that no API changes are required.Engine APICompatible with existing infrastructure and developer tools from day one. Utilizing existing components also ensures that smart contracts or dapps do not need to be rewritten or infrastructure migrated. For dapps that rely on random opcodes, some infrastructure updates may be required. If you are an Ethereum developer and want to start testing your dapps and infrastructure early, we encourage you to use the recently launchedKiln Testnetto test.
Increased client choice and flexibilityDevelopers will be allowed to mix and match to suit their needs, such as using a lightweight client for the execution layer and a heavyweight staking client for the consensus layer.
Migrating to PoS also meansMore predictable block times and transaction fees, which will reduce uncertainty when designing a high-traffic solution with a block time of 12 seconds and a baseline fee determined by EIP-1559.
Key point four: Ultra Sound Money
The merger will bring about an updated cryptoeconomic model,Reduce the issuance of ETH, and provide end users and the DeFi industryStronger Security. The merger will also limit the supply of ETH, making it more scarce and therefore more valuable.
Network economics are dynamic in nature, but it is worth noting that some potential outcomes will accompany the migration of PoS. One is the reduction in the number of Tokens created to pay verifiers (90% reduction), and the second is to burn tokens collected as transaction fees instead of passing them on to miners.
The cost of the attack chainwill also increase significantly (10-20x). Democratizing participation ensures that attacks are nearly impossible. Based on the current 350,000 validators (10 million ETH staked), the cost of attacking Ethereum is 51% of $34 billion. The deflationary impact of PoS with EIP-1559, and the expected increase in ETH staked after the merger, will continue to increase the cost of this attack.
What's more, attacks will become easier to recover from, in part because the slashing mechanism will destroy the staked ETH used for the attack, requiring further investment to sustain the attack. A soft fork activated by a small number of users can also be coordinated by the community to destroy the attacker's tokens.
Merger is coming
We hope that these four key points have clarified how Ethereum will upgrade to PoS migration, and hope to restore your confidence and interest.
The TL;DR of this article is as follows:
1. Open and diverse:All types of participants can more easily access Ethereum, further enabling decentralization.
2. Energy saving:Orders of magnitude less computing power is required to run the network, reducing Ethereum’s carbon footprint per transaction by 99.95%.
3. Seamless transition:Builders currently working on the network will not be interrupted, continue to build, continue to deliver, andgo all out for testing。
4. Ultra Sound Money：An updated cryptoeconomic model makes Ethereum more secure, scarce, and increases transaction finality.
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