Blockchain and Crypto, Member Exclusive

Bankchain Briefing: How will ‘The Merge’ impact the crypto industry?

  • This week, we discuss Ethereum 2.0 and its likely impact on the future of blockchain and crypto.
  • We also look at what Solana’s new crypto phone tells us about the future of DeFi mobility.
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Bankchain Briefing: How will ‘The Merge’ impact the crypto industry?

Almost exactly a year ago, I wrote an article on Ethereum 2.0, which refers to a series of upgrades to the Ethereum network in order to make it more scalable, secure, and sustainable. These upgrades represent a major transition for the Ethereum network, and by extension, the entire blockchain ecosystem.

Once implemented, Eth2 will boost network speeds from the current average of around 30 transactions per second to potentially 100,000 TPS. The upgrades will also improve network security and drastically reduce Ethereum’s carbon footprint.

Over the course of these upgrades, Ethereum will change its consensus mechanism from Proof-of-Work to Proof-of-Stake. PoW validates each transaction on the network by making a large number of computer nodes compete against each other to solve complex mathematical problems, which makes it expensive, energy-intensive, and time-consuming. In contrast, PoS uses an algorithm to validate blocks of transactions, which allows it to process them much more quickly and efficiently, at a fraction of the cost.


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