In early 2018, the Ethereum network underwent a hard fork to create Ethereum Classic. This move created two separate networks with different rules – one governed by the original Ethereum code and the other by Ethereum Classics.
What is Ethereum?
Ethereum is a decentralized platform that executes intelligent contracts: applications executed precisely as programmed without any possibility of third-party fraud or interference.
Ethereum is a blockchain-based platform which uses cryptography to secure transactions and control the creation of new currency units.
Since its release in 2015, Ethereum has grown rapidly and has become one of the most popular digital currencies.
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What is a Merger?
A merger is when two companies or organizations join together to create a larger, more powerful entity. Mergers can be good for businesses because they allow them to pool their resources and grow more quickly. They can also be bad for businesses if they result in too much power being concentrated in the hands of a single entity.
Ethereum is headed for a merger with another blockchain platform, EOS, after the two announced plans to merge on May 15th. This merger will create a new platform much more prominent than either of the original platforms, and it has the potential to centralize control over Ethereum.
Centralization risks are always a concern when significant changes are made to an ecosystem like Ethereum. The potential for abuse and corruption is high if the new platform becomes too powerful and if it controls too much of the network traffic. If this happens, it could damage Ethereum and EOS’s reputation and put investors at risk. People who care about Ethereum’s future must stay vigilant and watch out for any signs of centralization problems developing.
Potential Centralization Risks After the Merger
After the Ethereum merger, there are potential centralization risks that the network could face. With so much power in the hands of a few entities, they can manipulate the network in their favour, increasing prices and reducing security. Additionally, if one entity gains too much control over the network, it could do things like block or censor transactions. This would harm not only the Ethereum community but also consumers and businesses that rely on the network.
These centralized risks are one of the main reasons Ethereum has been working on scaling solutions like Plasma and Sharding. By decentralizing the network and making it more resilient to attack, Ethereum can protect against these risks and continue to be a safe and trusted platform for cryptocurrency transactions.
After the Ethereum merge, a few centralization risks may come about. The first is that the decision-making power of the developers will be consolidated in one place, which could lead to decisions that don’t benefit all users of Ethereum. Second is that the size and scope of Ethereum will grow significantly, which could lead to more centralized actors controlling a more significant portion of its network. Finally, because this merger was done without any prior consultation or voting from the community, it could create tension and conflict between different factions of Ethereum users.