What does #Ethereum’s move to proof of stake mean for #Polygon | Polygon Official Announcements

What does #Ethereum’s move to proof of stake mean for #Polygon?

Here’s the blog and deep dive we’ve all been waiting for .

https://bit.ly/Polygon-EthMerge-TE

To sum up: The merge makes Ethereum greener, but doesn’t reduce gas fees or increase speed. The Polygon network will remain an essential way to scale Ethereum’s dApps and ecosystem after the merge.

Read on for more

Before the deep dive, let’s take a moment to admire how far #Web3 has come. Now is a time to celebrate the builders and dreamers who’ve worked to make a more open, decentralized, and equitable web.

But we’ve also been getting a lot of questions about what the merge means for Polygon. In short, the merge is only good news for Polygon.

From Ethereum Foundation: “The Ethereum ecosystem is firmly aligned that Layer 2 scaling is the only way to solve the scalability trilemma while remaining decentralized and secure.”

Every improvement made to Ethereum, as a settlement layer, magnifies the power of Polygon.

Polygon gains from Ethereum’s improved security and general growth to the ecosystem–even while Ethereum massively gains from Polygon’s suite of scaling solutions, like the recently announced Polygon zkEVM.

Read more: https://blog.polygon.technology/the-future-is-now-for-ethereum-scaling-introducing-polygon-zkevm/

Ethereum relies on proof of work to secure the network, validate data, and store it on the blockchain. But PoW does this by essentially exchanging electricity (work) for value (ETH).

The merge is a transition in how Ethereum’s decentralized network achieves consensus, from proof of work (PoW) to proof of stake. In September, Ethereum will have successfully pulled off the most technologically advanced upgrade in its history.

~99.95%

That’s how much the switch to PoS will shrink Ethereum’s energy consumption, making Ethereum future-proof, just like Polygon. This lines up with our commitment to becoming a carbon negative chain by the end of 2022.

The merge fixes the massive carbon footprint of Ethereum, arguably beefing up Ethereum’s security, and reducing ETH inflation.

This switch also lays the foundation for Ethereum’s next phase, the surge, with upgrades like sharding.

What’s next?

The core developers of Ethereum have a vision of the network becoming a settlement layer for Layer 2 solutions like Polygon.

Any growth in the settlement layer only magnifies Polygon’s power: the speed, lower transaction fees, and ease of use that makes #Web3 a reality.

The future of Polygon and Ethereum will always be symbiotic.

Polygon is hyper focused to become the fastest, most secure destination for users, builders, and dApp developers in the world.

We’re going to bring the world to Ethereum!

Learn more about this new chapter of Ethereum and Polygon in the blog.

RT: https://twitter.com/0xPolygon/status/1562188387171282946