The merger of Ethereum is imminent: participate in EtherPOAP casting commemorative badges, and deeply bind the rights and interests of the ecological future
Original Author: Ygritte
If you look back at the entire history of blockchain development from the future, September 6, 2022 will most likely be a day full of highlights.
On September 6, 2022, Ethereum ushered in the largest upgrade in history - "The Merge", completing the transition from proof-of-work (PoW) to proof-of-stake consensus (PoS) mechanism. "Consolidation" is considered the first phase of the Ethereum upgrade, which will achieve improvements in security and sustainability.
As the innovation center and trend vane of the encrypted world, this upgrade of Ethereum can be said to be the real focus of attention, whether institutions, project parties, new public chains or ordinary users are eagerly looking forward to it: Ethereum at the crossroads How will it perform? What emerging concepts, trends, and tracks will emerge in the alternation of consensus? Everyone is eagerly looking forward to the development direction of Ethereum after this upgrade and the industry impact it will have, and community activities to commemorate this upgrade are emerging in an endless stream.
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Eight years since the birth of Ethereum: from PoW to PoS
Let's pull the timeline back to 9 years ago.
At the end of 2013, attracted by the "decentralized" spirit of freedom advocated by Bitcoin, the encryption community began to take shape, including Vitalik Buterin, a 20-year-old young man from a Moscow town. At this time, Vitalik has founded and written for "Bitcoin Magazine". The more in-depth research is, the more he discovers: Bitcoin is a great invention, but due to scalability issues, what Bitcoin can do is too limited. Blockchain technology should not stop there.
Subsequently, Vitalik released the first white paper of Ethereum. If it is said that Bitcoin as a distributed database opened the era of blockchain 1.0, then Ethereum with the function of "programmable smart contract" officially opened the era of blockchain 2.0: as the first open source public block Chain platform, Ethereum is flexible and highly adaptable. It does not give users a series of pre-set operations (such as Bitcoin transactions), but allows users to create complex operations according to their own wishes, and anyone can Build and experiment with decentralized applications (dApps) such as DeFi, DNS, digital certificates, and more.
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Data source: etherscan.io
How did these 8,893 addresses choose Ethereum in the first place? Now we have no way to explore them one by one, but they are undoubtedly very commemorative. With the support of these 8893 addresses, Ethereum has obtained sufficient funds for initial operation.
So far, the process has experienced several ups and downs, but in 2020, driven by DeFi Summer, Ethereum officially opened its "next-generation cryptocurrency and decentralized application platform" empire expansion and development.
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Data source: Messari
Not long after DeFi broke out, the Ethereum NFT market also ushered in exponential growth: Ethereum is the birthplace of the NFT concept. In 2017, the first phenomenal dApp "Crypto Kitties" came out on Ethereum. Each unique cat All cats are an NFT. Once "Crypto Kitty" was launched, it quickly set off a wave of "cat breeding".
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Image source: Hive Blockchain
Behind the prosperity lies a crisis: while a rich, continuously developing, and decentralized financial ecosystem is being established on Ethereum, the congested network and high gas fees push Ethereum into the abyss.
In the initial design, Ethereum adopts the PoW workload proof consensus mechanism. In order to avoid resource abuse and attacks, users need to pay ETH as Gas fee to invoke smart contracts, which also helps to motivate network miners to participate. But as the Ethereum ecosystem prospers, the more the network is used, the more congested it becomes and the higher transaction costs become.
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Data source: Coin Metrics
In the eyes of everyone, Ethereum is like the "Land of Canaan" flowing with milk and honey in the "Bible": a strong financial infrastructure, sufficient funds, and a gathering of high-quality developers. However, as the congestion intensifies, more and more people are questioning whether this land of Canaan can carry so many pilgrims. The spillover of the value of Ethereum has also promoted the outbreak of new public chains and the rise of Layer 2 to rewrite the industry's competitive landscape.
The competitive landscape of the industry has changed, and Ethereum has not chosen to sit still. A self-rescue movement with a grand narrative and a large scale is also underway: Ethereum 2.0
In simple terms, the Ethereum 2.0 upgrade includes the existing Beacon Chain (already implemented), Merge (coming soon), and Surge, Verge, Purge, and Splurge. The "Merge" (The Merge) that took place on September 6th is the entire Ethereum 2.0
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Image credit: The Ethereum Foundation
Once the merger occurs, the proof of work of Ethereum will be replaced by the consensus mechanism of proof of equity. At that time, the output of Ethereum will no longer be mined by computing power. Ordinary users can complete transaction confirmation and get rewards by depositing ETH assets on the chain , which means the unemployment of miners, but it also means that Ethereum will become more scalable, safer, cleaner, more sustainable and more decentralized.
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Participate in EtherPOAP and mint your Ethereum upgrade commemorative badge
The concept of POAP originated from Ethereum, and aims to provide a "badge service" that uses blockchain to record life experience. In the face of a milestone event that is hotly discussed in the community, such as the merger of Ethereum, casting an exclusive NFT badge through POAP can be said to be a very appropriate commemorative way.
The EtherPOAP campaign launched by IPrinter DAO aims to release a series of NFTs to commemorate the most historic Ethereum merger. EtherPOAP is dedicated to commemorating the Web3 ecosystem built on Ethereum, which was initiated by dozens of Web3 leaders and produced, distributed and incubated by IPrinter DAO. Currently EtherPOAP has been supported and sponsored by HashKey Group.
The merger of Ethereum (The Merge) is imminent, and the EtherPOAP series of commemorative activities will also begin soon.
Starting from September 15, 2022, the EtherPOAP Ethereum merger commemorative POAP minting event is officially open! Users can participate in minting according to the activities announced by EtherPOAP.
"Commemorating the merger of Ethereum" is the spiritual core of EtherPOAP's launch of this event, so all the rules will be designed around this topic: the event will issue surprise airdrops to 8,893 crowdfunding addresses in Ethereum to commend these 8,893 address pairs Ethereum's original contribution. In addition, active accounts that participate in the pledge of 32 ETH can also be eligible for the Free Mint whitelist by participating in the community and completing tasks.
It is worth mentioning that the biggest highlight of this event is that POAP is no longer a superficial "proof of attendance", but is deeply bound to the ecology and enjoys various rights and interests in the future development of the ecology.
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It is worth noting that this Ethereum merger is divided into two parts: the Bellarix beacon chain will be upgraded on September 6; the upgrade of the Paris execution layer will be completed around September 15 to finally complete the Ethereum mainnet and beacon chain of the merger. In addition, this upgrade will not open the withdrawal function, which means that the permanently pledged ETH, the pledge rewards so far, and the newly issued ETH after the merger will still be locked on the beacon chain and cannot be withdrawn. Upgrade" is coming.
Undoubtedly, as far as the current development pattern is concerned, the status of Ethereum’s ecological empire cannot be shaken. The merger will bring about large-scale structural changes in Ethereum, and will also have a profound impact on the industry’s competition pattern and future development trends. Its significance can be seen.
In the process of spiraling upward, we commemorate every milestone moment in exploration, and witness the rise of every segmented track and innovative concept in participation.
POAP initially appeared in the ecology with the concept of "proof of attendance", but in the future wave of Web3 development, the effectiveness of POAP is far more than "proof of presence", it can shine in the aspects of identity on the chain, Web3 social interaction, DAO governance, etc. Taking advantage of the merger of Ethereum, EtherPOAP, as an event to commemorate the casting of POAP NFT badges, is not only a carnival to witness history, but also a landing application attempt of POAP deeply bound to the future development of the ecology. Participating in innovative activities such as EtherPOAP, which not only revolves around the theme of Ethereum mergers, but also integrates POAP hotspots, may reap unexpected joys in terms of future ecological rights and interests.
On September 15, 2022, the Ethereum merger commemorative POAP casting event initiated by EtherPOAP officially kicked off. During this period, EtherPOAP's official social media will announce more event rules and specific time. Interested users may wish to continue to pay attention.
EtherPOAP official website | EtherPOAP Twitter | IPrinter Twitter
