E Point Perfect
Crypto

EthereumPoW (ETHW) Tokens Can be Bridged to PoS Chain, Here’s How



article image

Vladislav Sopov

Marcello Bardus, seasoned Ethereum (ETH) researcher, proposed design that would allow users to transfer value between PoW and PoS versions of post-Merge Ethereum

Contents

The new project is set to establish a reliable decentralized value bridge between PoW- and PoS-based versions of Ethereum (ETH): both bulls and bears of ETHW will be able to take profits.

EthereumPoW (ETHW) tokens can be seamlessly moved to post-Merge PoS chain: What is MergeSwap?

Mr. Bardus has taken to Twitter to share an eccentric technical design, i.e., a protocol designed for moving EthereumPoW (ETHW) coins to proof-of-stake Ethereum.

The novel protocol, dubbed MergeSwap, leverages state proofs, the subclass of short cryptographic commitments that can demonstrate information about network status: balances, deployed contracts, contracts storage, account nonces and so on.

As two PoW and PoS versions of Ethereum (ETH) cannot interact with each other directly, to transfer value between them, a sender needs to verify that he/she locked PoWETH on PoW. Instead, to withdraw PoWETH to PoW Ethereum, he/she needs a proof-of-burn for the amount of the transfer.

Ads

All of these changes can be reflected and verified by state proofs.

Ethereum (ETH) Merge to be activated in less than 24 hours

As such, the new protocol will be very useful for both believers and skeptics of ETHW: the latter group will be able to dump their tokens post-Merge.

As covered by U.Today previously, Ethereum (ETH) is set to activate the Merge upgrade in mainnet today, Sept. 15, 2022.

This migration will be the most crucial event for Ethereum (ETH) in 2022.





Source link

Related posts

Jed McCaleb has 81.5 Million XRP Left, Next Week He May Go Down to Zero

Dawn Zuniga

Crypto News Digest by U.Today

Dawn Zuniga

Robinhood Introduces New Feature for Shiba Inu and Other Coins

Dawn Zuniga

XRP Surging 37.5% in Week Makes It Second Most Profitable Crypto Among Top 100

Dawn Zuniga

Crypto Market Review, August 5

Dawn Zuniga

Cardano (ADA) Takes First Place in Monthly Development Activity Ranking, Ethereum (ETH) Struggles to Get into Top 3

Dawn Zuniga