The Ethereum Merge: Risks, Flaws And The Pitfalls Of Centralization Today

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The Merge

On September 15, Ethereum is planning to undergo its long-promised “Merge,” where the protocol will shift from a PoW (proof-of-work) consensus mechanism to a PoS (proof-of-stake) consensus mechanism.

In this report, we will provide details on how the proof-of-stake mechanism works for Ethereum, using technical definitions provided from Ethereum documents. Second, we will evaluate the move to proof-of-stake from first principles, which will include an explanation as to why much of the reasoning for the move is possibly flawed. Last, we will cover the risk factors of the Ethereum PoS mechanism comparing and contrasting the governance to Bitcoin and a PoW consensus mechanism to articulate the fundamental differences between the systems.


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