In part one of this three-part Ethereum Merge special edition of The Scoop, Lex Sokolin — head economist at Consensys — examined how The Merge will improve web3’s reputation outside of the crypto space.
In this episode of The Scoop, Ethereum Foundation researcher Danny Ryan provides a technical overview of The Merge, and explains why it took longer than expected to prepare the network for its transition to proof of stake.
According to Ryan, changing the consensus mechanism of an active blockchain is no small feat:
“It's like we built this better plane and started flying it next to the existing proof-of-work plane, and we're actually taking the payload, we're taking all the contents out of the proof-of-work plane, and we're putting in this other plane in flight.”
Although The Merge was initially supposed to happen years ago, translating the mathematical concepts that underpin the proof-of-stake consensus mechanism into production took longer than expected.
As Ryan explains,
“You have these beautiful mathematical algorithms and proofs and design goals, and then when it comes time to actually turn that into something concrete and actionable, there's a lot of work to do.”
Episode 85 of Season 4 of The Scoop was recorded remotely with The Block's Tim Copeland and Ethereum Foundation researcher Danny Ryan.
Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com.
This episode is brought to you by our sponsors Tron, Chainalysis & IWC Schaffhausen
About Tron
On August 1st, 2022, Poloniex launched a faster and more stable trading system along with a brand new user interface. Poloniex was founded in January 2014 as a global cryptocurrency trading platform. With its world-class service and security, it received funding in 2019 from renowned investors, including H.E. Justin Sun, Founder of TRON. Poloniex supports spot and margin trading as well as leveraged tokens. Its services are available to users in nearly 100 countries and regions with various languages available. For more information visit Poloniex.com.
About Chainalysis
Chainalysis is the leading blockchain data platform. We provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries. Backed by Accel, Addition, Benchmark, Coatue, Paradigm, Ribbit, and other leading firms in venture capital, Chainalysis builds trust in blockchains to promote more financial freedom with less risk. For more information, visit www.chainalysis.com.
About IWC Schaffhausen
IWC Schaffhausen is a Swiss luxury watch manufacturer based in Schaffhausen, Switzerland. Known for its unique engineering approach to watchmaking, IWC combines the best of human craftsmanship and creativity with cutting-edge technology and processes. With collections like the Portugieser and the Pilot’s Watches, the brand covers the whole spectrum from elegant timepieces to sports watches. For more information, visit IWC.com.