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Ethereum: Oracle service Chainlink will only support PoS after the merger

 


The influential Oracle service Chainlink ( LINK ) agrees with the majority decision of the Ethereum community and will no longer support Ethereum hard forks based on the then outdated Proof-of-Work (PoW) consensus process.


According to an official announcement by Chainlink, the important Oracle service will continue to provide its service on the Ethereum network even after the planned merge in September 2022.


For the Ethereum blockchain, the long-awaited merger means the switch from Proof-of-Work (PoW) to the Proof-of-Stake (PoS) consensus process, which is accompanied by many fundamental changes to the network.


Inevitably, all smart contracts on the platform – of which there are more than 1.45 million as of Q1 2022 – will also be affected by this change, including, of course, Chainlink’s smart contracts.


For this reason, Chainlink asks users to adapt their smart contracts so that the transition to PoS can be smooth and there are no functional problems afterwards.


The Ethereum Merge is an important milestone for the crypto industry, because with the change from PoW to PoS, the blockchain network not only ensures improved scalability and more cost efficiency, but also more energy efficiency and sustainability.


According to Ethereum, switching to PoS could reduce network power consumption by a whopping 99.5%. A massive reduction, which is all the more serious since the current consumption of the platform is said to correspond roughly to the total electricity consumption in the Netherlands .


The impending switch has triggered a noticeable hype in recent weeks, which has catapulted the Ethereum course ( ETH ) up by up to 50% in direct comparison to the market leader Bitcoin ( BTC ) .

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