Chainlink ditches Ethereum PoW forks for PoS after The Merge

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Chainlink is aligning itself with the decision of the Ethereum Foundation and its community. Therefore forked versions of the Ethereum (ETH) blockchain, including PoW forks, will no longer be supported by the Chainlink (LINK) protocol post-merge.

In an official announcement, Chainlink Protocol revealed that its services will remain on the Ethereum blockchain following the long-awaited merger. The Ethereum blockchain is expected to merge in September 2022, which will merge its mainnet with the Beacon chain.

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This will move all Ethereum operations from Proof-of-Work (PoW) to Proof-of-Stake (PoS).

The merge has previously been pushed back from mid-2021 to September 2022. If it goes according to the developers’ timeline, Phase 1 will begin the transition to the ecosystem’s transaction history and smart contracts on the PoS network.

This transition will affect all smart contracts on the Ethereum blockchain, which totaled 1.45 million in the first quarter of 2022. Chainlink’s role in providing hybrid smart contract services is no exception.

Therefore, in the latest announcement, Chainlink urged its users to tailor their smart contract operations accordingly to avoid future accidents during and after the implementation of PoS.

related: Ethereum Merge: How Will the PoS Transition Affect the ETH Ecosystem?

The Ethereum merge is a major milestone in the crypto industry. The transition from PoW to PoS has been a major discussion point in the community as a solution towards stability, scalability and better decentralization.

According to the official Ethereum website, the power consumption of the network will be reduced by ~99.5% after working on PoS. According to the official website, earlier the total energy consumption of Ethereum was compared with that of the whole country of Netherlands.

However, critics of such protocol switches say that PoS is less secure, therefore more vulnerable to security breaches.

Currently, major networks such as Cardano, Avalanche, Polkadot and Solana all operate through proof of stake blockchains.

As the merge draws to a close, Ether, the ecosystem’s native token, is seeing up to 50% in price gains against Bitcoin (BTC) during a market downturn.