If proof-of-work distributes objective consensus to miners outside of the network, proof-of-stake consolidates power to a subjective, in-network minority.
The Merge was completed on September 15, and ETH reached a recent high of $1,638.56 that day. Since then, it has tanked to $1,340 at the time of writing.
"The Merge" not only pumped the price of ETH tokens, as opposed to what was promised, but its switch to a PoS model created a slew of issues, including turning the network into a permissioned ledger.
Neither the DCCPA nor its rival, the Responsible Financial Innovation Act, are expected to receive Senate floor votes before Congress adjourns for the mid-term election cycle.
Ethereum is both a security and tyranny, as staking coins via a third party remains, and the wealthiest holders combining forces to ensure total domination of the system, the article argues.
Gary Gensler likened Ethereum's 'The Merge' to lenders, indicating that it is more of a security than a commodity, a stark contrast to BSV, which managed to retain the original Bitcoin protocol.
The event was billed as the largest and most complicated open-source software transition in history, but the live network faces an uncertain future after it switched over to a new processing algorithm and economic incentive model today.
The U.S. Department of Treasury has clarified that visiting the Tornado Cash website, copying its open source code, or making it available online or in print would not violate sanctions.
The ‘Merge,’ aka Ethereum’s shift from a PoW to a PoS consensus mechanism, is set to take place this week, and the ‘crypto’ world is watching to see if this will boost ETH or spectacularly flame out.
Coinbase's Chief Legal Officer Paul Grewal said the sanctions "set a dangerous precedent" and claims it will have a chilling effect on software development.
Ethereum's scalability efforts hang in the balance as the countdown begins for 'The Merge,' while observers worry that the network upgrade will face hurdles on censorship and centralization.