The crypto and blockchain-centered book authored by the crypto entrepreneur enters the market less than two weeks after the Merge upgrade that transitioned the Ethereum blockchain from proof-of-work (PoW) to proof-of-stake (PoS). Community members have lauded the project founder in this regard.

Earlier in August before the Merge upgrade, Vitalik Buterin disclosed that he was working on a book that contains various writings he has made over the last decade. The proof-of-stake consensus advocate also revealed the release date of the book, citing that his share of profits made from the book sales will be donated to the gitcoin grants public goods. 

In a Tuesday update, Buterin wrote to his 4.3 million Twitter followers, “Proof of Stake”, the (physical and digital) book compiling various writings I’ve made over the last ~10 years, is finally out!” He also added a link through which the Ethereum and blockchain-centered can be ordered, thanking all those who contributed to the successful release of the educational material. The online bookstores and retailers of Vitalik Buterin’s Proof of Stake book include Amazon, Walmart, Books-A-Million, Seven Stories, Powells, Indie Bound, Target, Barnes & Noble, and Hudson.  

"Proof of Stake", the (physical and digital) book compiling various writings I've made over the last ~10 years, is finally out!

Orderable here:https://t.co/SekZgammU8

Big thanks to @ntnsndr @7StoriesPress and everyone else who helped make this happen!

— vitalik.eth (@VitalikButerin) September 27, 2022

It’s worth noting that the newly released book centers on the making of the Ethereum blockchain and the philosophy of blockchains. It is said that this book comes as the project founder seeks to make further contributions to the crypto and blockchain ecosystem. As stated by Laura Shin, a podcast host, and author, the book is “a crucial contribution to the development of a new technology that will impact all our lives.” 

“These writings, collected from his essays before and during the rise of Ethereum, reveal Buterin to be a vivid and imaginative writer, with context from media studies scholar Nathan Schneider. While many around him were focused on seeing the value of their tokens rise, he was working through the problems and possibilities of crafting an Internet-native world,” the about section of the Proof of Stake book reads. Recently, Vitalik Buterin equally published a blog post where he envisioned the future of blockchain platforms, sharing his visions regarding layer 3 protocols.

Meanwhile, there appears to be an increasing adoption of the development implemented on the Ethereum blockchain. As reported by Timestabloid, active node validators on the Ethereum network have surpassed 436,000 while the total number of staked Ether (stETH) is almost hitting the 14 million mark. However, the Ether token has declined largely in the past two weeks after the merge upgrade was successfully activated.

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With this, the popular blockchain platform has officially switched to a proof-of-stake (PoS) mechanism after the mainnet PoW-based execution layer merged with the Beacon Chain PoS-based consensus layer. 

To celebrate this terrific achievement, community members have rolled out several digital artworks in the form of non-fungible tokens (NFT) and songs to compliment Ethereum (ETH). Particularly, Jonathan Mann, an Ethereum (ETH) community member known for writing “5000 songs in 5000 days” released a music video inspired by Ethereum and the Merge upgrade. 

In the song, the top musician highlighted the history of Ethereum (ETH) with the use of statements like “though the road was long, we carried on” and “carbon footprint is all gone.” Altogether, Jonathan Mann celebrated the Merge with his melodious song adding the lines, “hey Buterin, we have earned it.” Later on, Mann shared a screenshot that showed heated bidding on the Merge song. 

Read Also: The Merge Activated; Ethereum is Now a Proof-of-Stake Blockchain

In June, Mann also published a song expressing his joy about the successful Ropsten Testnet merge with lyrics like “ETH to the moon!” 

THE OFFICIAL MERGE SONGhttps://t.co/uefE1JuCdh
the NFT of the song
(auction closes at 9/22 @ 3pm) pic.twitter.com/uuRdHID4om

— 17 years of song a day (@songadaymann) September 15, 2022

Beeple, a top digital artist and the owner of one of the highest-paid non-fungible tokens (NFTs) in history also celebrated the Ethereum Merge by releasing a unique piece. Moments after the Merge, Beeple shared a vast and colorful illustration of the Ethereum logo.

On the SuperRare NFT platform, a creator known as “Sauce_K”, posted a motion artwork containing the Ethereum logo. In describing the hyper expressionism piece, the artist wrote, “the time has come.” Another community member also released an NFT collection titled “Survived the Merge.”

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In the words of the Ethereum co-founder Vitalik Buterin, “And we finalized!/Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.” 

And we finalized!

Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.

— vitalik.eth (@VitalikButerin) September 15, 2022

This upgrade has been welcomed with lots of excitement by members of crypto Twitter while prominent figures like the Cardano founder, Charles Hoskinson have sent in congratulatory messages. Others have lauded the fact that the Merge caused no network instability with Buterin commenting that, “so far, the percentage of full blocks has dropped from ~20% to ~10%.

pic.twitter.com/nkPUN2y0I4

— Charles Hoskinson (@IOHK_Charles) September 15, 2022

Read Also: Here’s What Vitalik Buterin Thinks of Proof-of-Work as He Defends Proof-of-Stake

The Merge Impact

While there have been several upgrades on the Ethereum blockchain, the Merge is regarded as the biggest upgrade ever since the emergence of the platform co-founded by Vitalik Buterin, Gavin Wood, Charles Hoskinson, and about 5 others. 

In 2015, Ethereum was launched as a proof-of-work network that supports mining. Considering the downsides of the PoS consensus algorithm mechanism, Vitalik Buterin and the development team set out to transition the blockchain to proof-of-stake (PoS). 

However, this PoS journey began in December 2020 when the Beacon Chain was launched and has since been running in parallel with the PoW-based execution layer (mainnet) until the activation of the Merge on September 15. 

Following the implementation of the merge, Proof-of-work is no longer valid under the rules of consensus on Ethereum. “All execution layer activity will be included in “beacon blocks”, which are published and attested to by proof-of-stake validators,” Ethereum Foundation noted. 

Henceforth, mining is no longer supported on the second-largest crypto blockchain as the Merge has ushered in the staking approach. Also, this upgrade will reduce global energy consumption by 0.2%, according to Justin Drake, a leading Ethereum researcher. 

Read Also: Is The Merge Coming To Reduce Gas Fees? Ethereum Foundation Clarifies

While this development reduces the energy consumption on Ethereum by approximately 99.99%, it brings net ETH inflation to zero or less by reducing the ETH issuance rate per day by about 90%. 

In other words, the units of ETH entering the market have dropped drastically to approximately 1,600 ETH per day from the previous 13,000 ETH per day before the Merge. 

As earlier stated by Buterin, Ethereum is now 55% complete and should be able to process 100,000 transactions per second. It is worth noting that this upgrade will have no significant effect on gas fees attached to transactions carried out on the network. The merge is only setting the stage for more developments regarding scalability and low transaction fees to take place on the Ethereum blockchain.

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In a few days, Ethereum (ETH), which is the second largest crypto project by market capitalization, will no longer be associated with the proof-of-work (PoW) consensus algorithm mechanism. Courtesy of the merge upgrade set to happen around mid-September, Ethereum will adopt the proof-of-stake (PoS) concept. 

In light of this, several arguments have been put forward by PoW advocates, crypto miners, and Bitcoin (BTC) maximalists, in particular. In a recent scenario, Vitalik Buterin, one of the founders of the largest smart contract platform said in defense of PoS that PoW punishes cryptocurrency miners with insignificant hash power. 

“Proof-of-work (PoW) penalizes anyone who has a smaller percentage of hash power than their percentage of the coin supply. Actually, it penalizes much more than that because profit < revenue,” Vitalik Buterin responded to a PoS critic, Udi Wertheimer. 

And PoW penalizes anyone who has a smaller percentage of hashpower than their percentage of the coin supply

(Actually, it penalizes much more than that because profit < revenue, but you get the point)

— vitalik.eth (@VitalikButerin) September 12, 2022

Read Also: Google Shows Support for Upcoming Ethereum (ETH) Merge

It is worth noting that Udi Wertheimer is a popular Bitcoin maximalist and ex-Blockchain research head at Colu. In a Twitter post, he shared some unpopular viewpoints about proof-of-stake as he aimed to portray the flaws of the consensus algorithm mechanism. Ultimately, he argued that staking rewards are not real yields. 

In his words, “PoS rewards aren’t “yield”, in fact, they’re not even rewards, they are just penalty to people who don’t stake. You don’t get paid for staking, you just get penalized for not staking.”

“Miners and holders are usually distinct sets with very little overlap, so in practice, it’s just holders paying miners. With liquid staking, you can expect holders and stakers to have a huge overlap. So basically just everyone’s balances increase equally.”

He added, “All else being equal, it’s [PoS rewards] better for holders but it’s not yield! It’s just less penalties (also, not all else is equal). 

PoS rewards aren’t “yield”, in fact they’re not even rewards, they’re just penalty to people who don’t stake

you don’t get paid for staking you morons

you just get penalized for not staking

i can’t believe you still don’t get it lmao

— Udi Wertheimer (@udiWertheimer) September 12, 2022

Although Ethereum was created as a proof-of-work (PoS) blockchain, Buterin has always been an advocate of proof-of-stake (PoS), which justifies the approaching Merge upgrade and his soon-to-be-released book titled Proof-of-Stake.

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Data on the Oklink platform reveals that the number of locked ETH for Ethereum 2.0 has been rising steadily since 1st August. Meanwhile, the upgrade which will make Ethereum PoS-based is planned for September 16th. 

At the time of writing, ETH pledged in the Ethereum 2.0 deposit contract is at an all-time value of 13,343,768 ETH. Statistics on the OKLink website further show that around 36,000 ether coins are being staked every week since early August. Accordingly, 153,000 ETH have been staked by validators so far this August. 

It is worth noting that individuals are only allowed to trade, send and sell their staked Ethereum coins. Withdrawal of staked ETH is said to be enabled after The Merge. 

Related: Is The Merge Coming To Reduce Gas Fees? Ethereum Foundation Clarifies

The Merge Nears

The Merge upgrade is designed to usher in the proof-of-stake (PoS) consensus mechanism on the largest smart contracts blockchain, Ethereum. In line with this, many top crypto exchanges such as Binance exchange, Gemini, and Coinbase have enabled Ethereum staking. 

Following the introduction of Ethereum staking on Coinbase in early August, JPMorgan, an American multinational investment bank and a global leader in financial services, commented that the top crypto exchange will be a meaningful beneficiary of the Ethereum Merge upgrade. 

Post-Merge, JPMorgan predicted that Coinbase can realize over $650 million in yearly ETH staking income if Ethereum (ETH) trades around $2000 with a 5% yield rate. 

On the whole, staking entails the activation of a validator software by depositing 32 ETH. Validators are responsible for storing data on the blockchain, adding new blocks, and processing transactions. 

Staking further helps to keep the Ethereum network secure. However, this concept is supported by the proof-of-stake consensus algorithm which the Merge upgrade will bring to the Ethereum blockchain.

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The anticipation of this upgrade has greatly rekindled investors’ interest in Ethereum’s native token, ether aka ETH. This is noticeable in the recent upsurge in the price of Ethereum, which has caused the token to be among the best performers in recent weeks. 

Similarly, Ethereum (ETH) has been among the most trending digital assets on the leading data-tracking platform, Coinmarketcap. 

Also, an Ethereum ICO-era whale wallet that was dormant since 2019, was spotted moving 145,000 ETH to different wallets earlier in August. This action has left many with diverse assumptions. 

Of course, the Merge upgrade speaks of a major improvement on the Ethereum blockchain. Hence, a price rally will not come as a surprise. On this note, some speculate that the ETH whale intends to carry out a massive sell-off. 

Many others hold to the belief that the whale could be preparing for staking which the Merge upgrade will enable on the largest smart contract blockchain, Ethereum. On the whole, numerous misconceptions have been aired as the Merge upgrade on the Ethereum network approaches. 

Read Also: Ethereum Co-Founder Vitalik Buterin Submits Proposals for Gas Costs Adjustment

The Merge Will Not Reduce Gas Fees 

In a Thursday update, the Ethereum Foundation took time to correct misconceptions regarding the Merge. Among these misconceptions are the topic of gas fees, staking APR, transaction speed, etc. 

High gas fees are among the major challenges users face when using the Ethereum network alongside scalability inadequacies. Therefore, a reduction in network charges tops most users’ wishlist. 

However, it is worth noting that post-Merge gas fees, which is the amount paid to complete transactions on the Ethereum network, will not reduce automatically. Meanwhile, Ethereum’s energy consumption will be reduced by approximately 99.95%. 

“The Merge is a change of consensus mechanism, not an expansion of network capacity, and will not result in lower gas fees. Gas fees are a product of network demand relative to the capacity of the network,” Ethereum Foundation revealed.

The Merge deprecates the use of proof-of-work, transitioning to proof-of-stake for consensus, but does not significantly change any parameters that directly influence network capacity or throughput,” the update added.

Related: Vitalik Buterin: Ethereum (ETH) Will Continue Becoming a More Mature Blockchain Ecosystem

No Significant Change in Transaction Speed

Speaking of transaction speed, it is said that after the Merge upgrade, it will remain the same on layer 1 as the change will be extremely small. Post-merge, blocks will be produced in approximately 12 seconds and not 13.3 seconds any longer. 

In addition, the rumor that running a node requires staking 32 ETH is false. As revealed in the notice, “anyone is free to sync their own self-verified copy of Ethereum (i.e. run a node). No ETH is required. Not before The Merge, not after The Merge, not ever.”

Read More: Ethereum Validator Nodes Set To be Installed in the Capital City of Argentina in 2023

Staked Ethereum (stETH)

On staking withdrawals, it should be noted that withdrawal of staked ETH will not be enabled with The Merge. After the Merge upgrade, which is expected to occur in Q3/Q4 2022, more upgrades will be executed to make the Ethereum blockchain fully complete. 

Recall that Ethereum co-founder Vitalik Buterin earlier stated that post-Merge, the blockchain will only be 55% complete. Therefore, withdrawals of staked Ethereum (stETH) are planned for the Shanghai upgrade which is the next major upgrade after the Merge.

Read Also: JPMorgan: Coinbase Will be a Major Beneficiary of the Fast-Approaching Ethereum (ETH) Merge

The Merge Impact

This will be the most significant upgrade ever since the Ethereum blockchain, the second-largest crypto project, went live. The upgrade will merge the current Ethereum mainnet with the Beacon Chain proof-of-stake system.

More so, the Merge upgrade is designed to mark the end of proof-of-work and mining on the Ethereum network. Cryptocurrency miners will have to migrate to other PoW chains to carry out their mining operations.

Meanwhile, Miners and industry players like the popular Chinese Chandler Guo and Justin Sun are pushing to preserve PoW for Ethereum via a post-Merge fork. However, Ethereum creator Vitalik Buterin does not believe that the planned fork will bring the desired result.

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The controversial project founder is in full support of the planned miner-led post-Merge Ethereum hardfork. This possible post-Merge fork aims to create a blockchain that still runs on proof-of-work (PoW) after  Ethereum is transitioned to proof-of-stake (PoS) in September. 

In a recent interview with CoinDesk TV, Justin Sun pointed out that the proof-of-work (PoW) consensus algorithm provides a good foundation for the Ethereum infrastructure, although the protocol concept is associated with high transaction fees and lack of scalability. 

He claims that the post-Merge fork led by the popular Chinese cryptocurrency miner, Chandler Guo, is a chance to preserve PoW technology for Ethereum in the future. 

More so, the proof-of-stake (PoS) project founder remarked that PoW-based smart contract platforms are essential to the whole crypto industry, citing that the existing PoW projects like Bitcoin (BTC) are not useful in building decentralized applications (dApps). 

“PoW is essential for Ethereum even though most people complain about high transaction fees and very slow transactions. I still believe that proof-of-work actually provides a very good foundation for Ethereum infrastructure.” – Justin Sun stated. 

Asides from saying that PoW is essential, he highlighted the high security the consensus algorithm brings to the industry. 

“Today, around $60 billion worth of crypto assets are on the Ethereum blockchain, all guarded by proof-of-work. I believe that we still need a chance to keep proof-of-work for Ethereum so, that’s why I support proof-of-work for Ethereum,”  Justin Sun added.

Tron (TRX) founder also pointed out that EthereumPoW (ETHPoW), if successful, will allow the large community of crypto miners to keep their financial activity intact. In turn, ETHPoW will be a close competitor with the proof-of-stake Ethereum network. 

According to him, about 50% of the crypto community, especially Bitcoin maximalists and crypto miners, still believes that PoW is safer and more decentralized than PoS networks. Regardless, Ethereum developers confirmed the Merge upgrade will occur in September. 

Although several crypto exchanges, miners, and popular figures like Justin Sun have shown support for the planned post-Merge Ethereum fork, Vitalik Buterin believes the planned ETHPoW network will not succeed nor have a long-term substantial adoption.

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Sepolia Testnet Merge: Details

It is no longer news that the Ethereum network is gearing towards a transition from its current Proof-of-Work (PoW) consensus algorithm to Proof-of-Stake (PoS). Ethereum intends to achieve this through the implementation of the Merge upgrade on its Mainnet. 

Although the date for this epic upgrade is yet to be determined, the Ethereum mainnet Merge is around the corner considering that the team is currently final testing the Merge on public testnets.

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With the execution of the Merge on the Ropsten Testnet, Sepolia will be the second of three public testnets to run through the Merge. While the Goerli/Prater testnet will be the last to test run the Merge before the upgrade heads to the mainnet.

Notably, Sepolia went through the Bellatrix upgrade in June 2022, at epoch 100. With the successful Bellatrix upgrade, the Sepolia Beacon Chain was prepared for the Merge. Also, the Bellatrix upgrade caused Sepolia’s Terminal Total Difficulty (TTD) value to be changed from the initial high value of 100,000,000,000,000,000,000,000.

This implies that the Sepolia testnet network will migrate to proof-of-stake (PoS) at an undisclosed date when the Terminal Total Difficulty (TTD) on the proof-of-work (PoW) chain exceeds 17,000,000,000,000,000.

In addition, Sepolia Merge will be a two-step process. According to the team, the process will begin with a network upgrade on the consensus layer at a certain epoch height.

Sequel to this, Sepolia’s execution layer (also known as Paris) will kickstart the transition from proof-of-work (PoW) to proof-of-stake (PoS) when the chosen TTD is reached or exceeded.

To complete the process, a Beacon Chain validator has to solely produce a succeeding block after the Sepolia’s execution layer has exceeded the chosen Terminal Total Difficulty.

“Assuming normal network conditions, this should happen 2 epochs or approximately 13 minutes after the first post-TTD block is hit.”

Sepolia’s testnet Merge is said to be achieved once the Beacon Chain creates this block.

Post-merge, only the Sepolia, and Georli testnets will remain very valuable. Others will be deprecated. Similarly, Sepolia will operate entirely under proof-of-stake after the Merge. Therefore, mining will no longer be possible on the network. The same will be the case on the Ethereum blockchain when the mainnet Merge goes live.

Read Also: Gray Glacier Upgrade Successfully Implemented on Ethereum Network as the Merge Approaches

Ethereum Mainnet Merge

While many are awaiting this huge upgrade on the Ethereum mainnet to happen, no date has been announced yet. To estimate the exact date for the actual Merge, the final testing will be done on Goerli/Prater public testnet. Goerli is an execution layer testnet while Prater is a consensus layer testnet. 

Furthermore, all three testnets deployments must be confirmed successful and stabilized to execute the mainnet Merge. Once confirmed to be stable, it is said that an epoch will be chosen for the Bellatrix upgrade on the mainnet Beacon Chain.

Also, a difficulty value will be set for the mainnet transition. Lastly, releases that will enable the Merge on the mainnet will then be issued by clients. It is at this point that the team will disclose the date for the consensus algorithm transitioning.

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The event played out today after the move was first announced on the 3rd of June 2022 via a blog post published on the official website of the Ethereum Foundation.

Read Also: Buterin Explains How to Create Algorithmic Stablecoins That Don’t Become Ponzis or Collapse

Ropsten has activated proof-of-stake! pic.twitter.com/TKQ8LSJGt6

— ً (@lightclients) June 8, 2022

Ropsten’s proof-of-work PoW) chain was merged with its proof-of-stake (PoS) beacon chain via the combination of their codes.

The test merge recently conducted is critical to check if client software using Ethereum nodes performs without malfunctioning. The Client software teams that participated in the merge include Lighthouse, Lodestar, Prysm, Teku, Besu, Erigon, go-ethereum (get), and Nethermind.

The same process is set to happen later this year with the Ethereum mainnet merge. In effect, today’s event was intended to serve as a major practice session for the mainnet merge, which will see Ethereum transition from PoW consensus to PoS.

A few hours ago in a Livestream, co-founder of Ethereum (ETH) Vitalik Buterin, said:

“I mean, of course, the merge working well for 6 hours isn’t evidence of complete success. There are all of these kinds of longer-term issues around MEV and staking centralization and protection against DOS attacks and things that could potentially bite us 3 weeks after the merge instead of 2 minutes during the process.”

Read Also: Vitalik Buterin Introduces Soulbound Tokens (SBTs), the Future of Ethereum and NFTs

Previous tests included a shadow fork on the main network in April and another test merge on Kiln.

Today’s test is measured by a metric called terminal total difficulty. The merge is considered activated once this level of block difficulty is reached on the proof of work version. The proof-of-work version of Ropsten crossed a pre-set 50 quadrillion measure to protect the merge from any malicious activity by artificially acquiring the hash rate.

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In a recent interview on CNBC with Kate Rooney, Yakovenko stated that it’s necessary for the flagship cryptocurrency Bitcoin to transition to an environmentally friendly consensus mechanism to maintain its popularity and usage.

Anatoly Yakovenko noted:

“This is probably the most controversial thing that you’ll get me to say but eventually if it [Bitcoin] doesn’t move to proof of stake, nobody is going to use it.”

It’s More Efficient to Build a Proof of Stake (PoS) Network

The Impacts of Bitcoin mining on the environment are part of his reasons for suggesting a transition to the PoS network. In the course of the interview, Solana’s co-founder pointed out that it’s simply more efficient to build a proof of stake consensus mechanism, adding that it offers the same level of protection as the energy-consuming proof of work (PoW) network.

Yakovenko noted that Bitcoin’s nature as PoW crypto makes it thrive as a store of value rather than a suitable means of payment, unlike the rising layer-2 ecosystem. He said, “maybe that works for now but we’ll see what happens in ten years.”

It should be noted that Bitcoin was launched as a proof of work crypto in order to protect and prevent the network from double-spending. But these always result in huge consumption of energy.

According to the report recently published by the Solana Foundation, one transaction on the Bitcoin network consumes 6,995,592,000 Joules. On the other hand, one transaction on the Solana network consumes 2,707 Joules.

Chris Larsen, Ripple co-founder, who is currently the Executive Chairman of Ripple’s board of directors, is also in support of the suggestion. As reported in early April, Larsen promised to donate $5 million to the initiative.

Larsen and others even went as far as launching a campaign titled “Change the Code, Not the Climate” in order to canvass support for the initiative.

Speaking about Solana being energy-efficient, Yakovenko said, “I spent most of my career making code as energy-efficient on mobile as I could and I would be ashamed if Solana wasn’t as energy-efficient as possible.”

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