The Ethereum merge has finally come and it’s been around for like the past 1 week, but what has changed? I have been wanting to make transactions on the Ethereum Blockchain just so I can experience the new blockchain transaction speed even though it has been said that it might not really affect transaction speed as effective as expected. I did a transaction on the blockchain yesterday and it was kind of similar, took me over 5 minutes to transfer from one wallet to another. For an average user that is used to blockchains with faster speed time, the speed would be assumed to be really slow.
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I have done transactions across the Hige blockchain, the Binance SmartChain and I can say for sure that they are really fast and nothing to be compared to the Ethereum Blockchain. So here the merge won’t affect the speed of transfer, you are still getting the same transfer speed.
While doing the transaction, I also noticed the gas fees were the same. I know it was said that the merge won’t affect the gas fees, but for a moment I hoped the gas fees were affected and expected the fees to also reduce like the energy consumption. Because it all made sense that the gas fees were high because it was working on proof of work mechanism, which means that block validators had to use complex computers to validate blocks and the high gas fees is to pay them for their work and money spent on running these complex computers. But now it’s on proof of stake mechanism, there are no complex computers to validate blocks, so why are gas fees still high?
Any one can be an Ethereum Block validator and earn ETH as long as they have 32 ETH to stake. This is more energy efficient and more cheaper than mining Ethereum with Mining machines. But then, after staking this ETH to be blockchain block validators, you can’t instantly withdraw your ETH you have to wait for like 6 to 12 months. Well, in my opinion, this transition was only to favor the energy sector and make the eco system more energy efficient.
A lot of projects have been invested in the blockchain, so we can only hope for its longevity and continuous progress. But still can’t help but think of how the Hive blockchain is underrated because it’s blockchain is more of what the Ethereum blockchain can do, except there are things the Ethereum Blockchain can do that the Hive blockchain can’t that I don’t know of.
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