Chainlink aligns with the Ethereum Foundation’s decision hence it will not support the Ethereum blockchain’s forked versions – taking into account proof-of-work (PoW) forks – following the Merge.
Chainlink to Shift to PoS with Ethereum Merge, Quitting PoW Forks
The Chainlink protocol, in its formal declaration, disclosed that it will keep on providing its services on the blockchain of Ethereum following the Merge (that has been delayed more than once). According to the anticipation of the Ethereum blockchain, September, this year is the time when the Merge is expected to take place to merge the mainnet of the network with the Beacon Chain.
This will bring about a transformation in the entirety of the Ethereum activities to proof-of-stake (PoS). Since the mid of the previous year, many delays have been witnessed in the Merge project. If the program moves in line with the timeline structured by the developers, Phase 1 is to commence the evolution of the transaction history of the ecosystem as well as the PoS network-based smart contracts.
The respective evolution will influence the smart contracts operating on the blockchain of Ethereum, which touched the figure of 1.45M in 2022’s 1st quarter. The role of Chainlink in the provision of hybrid services related to smart contracts is also included within the project. Thus, in the exclusive declaration, the consumers will be persuaded by Chainlink to get ready their smart contract functions according to the new changes if they intend to stay away from any mishaps in the future during as well as after the PoS implementation.
Also read:Ethereum Network to Undergo an Energy-Effective Transformation
The Merge counts as a prominent landmark in the whole industry of cryptocurrency. Consecutive debates have been carried out within the community on the evolution of the network to PoS to provide a solution for additional decentralization, scalability, and sustainability. As per the formal website of Ethereum, the energy consumption of the network will have a considerable reduction by up to 99.5% after the implementation of the PoS.
Formerly, the cumulative energy consumption of Ethereum has been equivalent to that of the whole Netherlands, as per the official website. Nonetheless, those who criticize PoS suggest that it provides less security as compared with PoW and hence is more prone to security infringements. At the moment, the networks like Solana, Polkadot, Avalanche, and Cardano all use proof-of-stake blockchains.
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