The Significance of Ethereum's "The Merge" and Wanxiang Blockchain's Strategic Role
This article adapts the preface written by Dr. Xiao Feng, founder of Wanxiang Blockchain, for the Chinese edition of Peer-to-Peer Everything: Ethereum and the Future of Digital Finance published by China Translation & Publishing House.
On September 15, 2022, Ethereum achieved its historic "The Merge" upgrade, transitioning from Proof-of-Work (PoW) to Proof-of-Stake (PoS). This pivotal shift resulted in:
- 99% reduction in energy consumption
- 90% decrease in ETH issuance
- Performance scaling to 100,000 transactions/second within 3 years
- Projected capacity of 10 million transactions/second within a decade
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The "Shanghai Moment": Bridging East and West
Following "The Merge," Ethereum scheduled another critical upgrade six months later—dubbed the "Shanghai" upgrade by the community. This name pays homage to DEVCON2 (2016), Ethereum's third developer conference held in Shanghai, which attracted 90% international attendees and significantly advanced blockchain adoption in China.
Wanxiang Blockchain Laboratory played a key role as the event's primary sponsor. Ethereum traditionally names upgrades after host cities, cementing this phase as the "Shanghai Moment."
Early Collaborations Between Wanxiang and Ethereum
In late 2014, Dr. Xiao Feng organized a "Digital Currency Forum" during a Caijing magazine conference, which caught the attention of Ethereum founder Vitalik Buterin. Their first meeting occurred in Shanghai in April 2015, where Vitalik stayed with blockchain pioneer Shen Bo and immersed himself in Chinese language studies.
When financial challenges threatened Ethereum's development in 2015, Wanxiang Blockchain Laboratory donated $500,000 to the Ethereum Foundation, ensuring project continuity. This support catalyzed several initiatives:
- October 2015: First Wanxiang Blockchain Global Summit
- Early 2016: Inaugural blockchain hackathon
- September 2016: Expanded "Blockchain International Week" featuring DEVCON2
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Ethereum's Future: The Protocol Stack Core
Analysts predict Ethereum will become the central protocol stack for blockchain ecosystems, driving industry standardization. Key projections include:
| Timeline | Expected Performance |
|----------|-----------------------|
| 3 years | 100,000 TPS |
| 10 years | 10 million TPS |
The Chinese edition of Peer-to-Peer Everything provides comprehensive insights into Ethereum's technological evolution and financial potential.
FAQs About Ethereum's Upgrades
Q: Why is the upgrade called "Shanghai"?
A: It honors DEVCON2's 2016 Shanghai conference that united global developers.
Q: How does PoS improve Ethereum?
A: PoS reduces energy use by 99% while enhancing scalability and security.
Q: What was Wanxiang's role in Ethereum's growth?
A: Wanxiang provided critical funding and hosted pivotal events to foster developer communities.
Q: When will Ethereum reach 10M TPS?
A: Current roadmaps suggest this milestone within 10 years through layer-2 solutions.
Q: Where can I learn about Ethereum's technical details?
A: Peer-to-Peer Everything offers in-depth analysis of Ethereum's architecture and roadmap.
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