This year we once again want to brighten up the Advent season for our readers with an Advent calendar. In a slightly different form, each door contains a “knowledge bomb” that will be supplemented with a special prize on Christmas Day.
The term “Merge” is hidden behind the fourth door. To enter the competition on the 24th, simply take part in the surveys and like the respective Twitter posts.
Merge
The year 2022 brought us one of the biggest upgrades in the history of blockchain technology. Ethereum’s switch to proof-of-stake (aka merge) drastically changed the consensus mechanism of the second largest blockchain network. For several months, Ethereum has no longer relied on miners, as block validation is now done by stakers.
Proof of Stake achieves the same goal by providing capital (staking) that can be penalized in case of malicious actions. Switching the consensus algorithm leads to an estimated reduction of the total network energy consumption by over 99.9%.
With the merge, the distribution rate of the native Ether token also changed dramatically. Instead of around 13,000 ETH, which were previously distributed to the miners on a daily basis, since the merge only around 1,600 Ether are being distributed stakers. In addition, since the London upgrade in August 2021 (EIP1559), Ether has been burned depending on how the network is used. This in turn also changes the “money supply” and meanwhile definitely leads to deflationary phases of the cryptocurrency.
