Educational post
Recently we already informed those involved with, invested in, or following the Juiice project on social media, that the Ethereum Merge does not directly involve the Juiice project, because our token is not on the Ethereum platform, but on that of the Binance Smart Chain (BSC).
Yet, there is of course the option in the future, that Binance will decide to follow the Ethereum platform, then as a clone and Ethereum Virtual Machine, such an undertaking could be considered, even when it is unlikely at the moment, also, because the so-called 1st-layer blockchains will increasingly be used as bottom layer, where the 2nd-layer of applications and blockchain bridges will be built upon. In this sense, it could get important, but there are other reasons.
In case the Merge would expose the crypto-markets to unforeseen issues, the indirect impact of the Ethereum Merge with certainty would get noticed on the market and the total amount of money invested in crypto space. Yet, as the Merge has been tested, re-tested and been planned long in advance and meticulously prepared for, we trust, all will go fine. Even when you cannot completely rule out the unexpected to happen. So, what could happen?
The first thing is that the consensus method is changing from Proof-of-Work (PoW), to Proof-of-Stake (PoS), which -said in a simplified way- means that the hashes are no longer calculated with hardware, like CPUs, graphic cards or ASICs, but by staking, where a number of Ether-coins are taken (of course with permission) and then ‘parked’ for a certain time, while generating stake reward and enabling the blockchain’s network to be secure, encrypted and functioning.
The big advantage is that PoS takes only a fraction of the energy resources that PoW does require, which with the current energy prices is at least a gain for the earth and the nations, then energy not used for mining, is now available for other use. Another advantage is, that staking normally requires far less technical knowledge about the mining process, soft- and hardware. Thus, making it easier and more attractive to ordinary crypto users to stake and get a reward.
A minor point is, that theoretically, PoS is a little less safe than PoW, because node validators get information about the blocks they will validate on beforehand. This knowledge might be used to prepare a strike against the network. At least, as a theoretical option, then not only is this vulnerability know, Ethereum developers are also actually working on a work-around — just to be sure …
This also shows how blockchains tend to improve on the long term, both in functionality as in security (except the flawed projects who are slaughtered on the battle field). Compared to the very slow and mostly boring developments in the fiat-world, where power is centralized and the robbers of banks and digital hacks due to human error are hunted down and punished by the police and law-enforcement system. Yet, crypto has no police, and needs none, then the encryption and the thrustless character of the distributed ledger technology has a build in security which is one of the reasons for the success of Bitcoin and Ethereum; they have proven to be safe and sound, despite a continuous war against their algorithms.
Then, the crypto world is still very much a wild-west, compared to debt-creating central banking. Attacks on blockchains, side-chains, centralized exchanges, wallets, and apps are very common, and we read about this in the crypto news regularly. Although, this villain energy of key-thieves, wallet-robbers and bad-nerd-hackers is not enjoyable for those who suffer from an attack, it ultimately does make the system and ecology as a whole more secure, because the developers of the disruptive financial technology will learn, adapt, and improve the code. The crypto-world is self-regulating and self-improving, all without the need for centralized control or state and government intervention. The only question remains — will it be a better long-term alternative to the old-age, technologically primitive and government and central bank-controlled fiat-system?
At Juiice we think it will and with you, we look forward to the 15th, where the Merge of the Ethereum platform will add a new reality to our crypto space and might attract a whole new generation of investors and participants, when it shows that the blockchain technology is far more adaptable, innovative, and promising than the soon collapsing and inflationary currencies, like the petrol-dollar or the ECB’s north-to-south-wealth-transferring Euro.
When the crypto spring starts this fall, would that not be an excellent time for JUIICE tokens to get on the market? We think so, and the Juiice bull is waiting in the stables … waiting for the red flag!
