Without good questions, there are no good answers:
Why is this upgrade of Ethereum seen as the third revolution in the blockchain world?
Will this upgrade really make gas fees drop significantly?
Why does the upgrade reduce energy consumption by 99.95%?
If the upgrade causes deflation, is it a good thing for the Ethereum network application?
There is no doubt that the Ethereum “merger” is the number one event for the entire crypto industry in 2022.
When it comes to Web3, we have to mention the king of public chains – Ethereum. The birth of Bitcoin in 2008 brought blockchain technology; in 2013, Ethereum closely integrated blockchain and smart contracts, allowing various blockchain applications to be developed on the blockchain, and promoting a large number of new applications. Also formed an ecosystem of Web3 applications.
Although it has the largest developer community in the world, it also has the largest number of DAPPs. But its use experience is not good. At present, the Ethereum blockchain of PoW algorithm will pack a block every 15 seconds, and each block will contain 150-300 transactions, and only 10-20 transactions can be processed in one second.
If this is to develop a Web3 application that grabs red envelopes, compared to WeChat, the group friends on WeChat have all finished and sent [Thank you boss], but the Web3 red envelope grabbing interface is still going around in circles, this is unbearable!
Moreover, such an Ethereum network often experiences network congestion. At this time, if you want to make a transaction faster, you will pay more gas (gas), which can even cost hundreds of dollars in fees at peak times.
Due to these reasons, the processing speed of Ethereum cannot even support ordinary commercial applications, let alone become a “world computer”.
In order to achieve the goal of the world computer, at the beginning of its birth in 2014, Ethereum set up four development stages: Frontier (frontier), Homestead (homeland), Metropolis (metropolis), and Serenity (quiet).
Now that the first three phases…