Chain link aligns with the decision of the Ethereum Foundation and its community. Therefore, the hard fork versions of the blockchain, specifically those based on proof-of-work (PoW), will not be supported by the Chainlink protocol following the Merge.
The Merge for the Ethereum blockchain is scheduled for September 2022, an event that will unite the mainnet with the Beacon Chain.
In this way, all transactions made on Ethereum will be validated by a proof-of-stake (PoS) consensus protocol.
The Merge has already been postponed from mid-2021 to September 2022. If the developers’ timelines are met, Phase 1 will initiate the transition of the ecosystem’s transaction history and smart contracts to the PoS network.
This transition will affect all smart contracts on the Ethereum blockchain, which in the first quarter of 2022 amounted to 1.45 million. Chainlink’s role in providing hybrid smart contract services will be no exception.
For this reason, in the latest announcement, Chainlink urged its users to prepare their smart contract operations accordingly, to avoid future setbacks during and after the implementation of the PoS.
The Ethereum Merge represents a milestone in the cryptocurrency industry. The shift from PoW to PoS was a key talking point in the community, like virtual solution for sustainabilityscalability and greater decentralization.
According to Ethereum official website, the power consumption of the network will be reduced by approximately 99.5% once you operate on PoS. Previously, the total energy consumption of Ethereum was estimated to be that of the entire Dutch country.
However, critics say PoS is less secure and, therefore, more susceptible to security breaches.
Currently, major networks such as Cardano, Avalanche, Polkadot and Solana all operate through proof-of-stake blockchains.
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