Ethereum (ETH) researcher Marcello Bardus has proposed a design that will allow users to transfer value between the PoW and PoS versions of Ethereum post-Merge.
The new project aims to establish a reliable decentralized value bridge between the PoW and PoS-based versions of Ethereum (ETH).
A Model That Could Switch Between Different Base Versions Of Ethereum Is Proposed
Ethereum (ETH) researcher Marcello Bardus shared on Twitter an innovative technical design, namely a protocol designed to move EthereumPoW (ETHW) tokens to Ethereum running on Proof of Stake.
Bearish on PoW ETH? Bullish on PoW ETH? You will soon be able to bridge your PoW ETH to the PoS chain using MergeSwap. This will allow you to cash out your PoW ETH 🙂
All thanks to the power of Storage Proofs! How does it work?
— 0xMarcello (@0xmarcello) September 14, 2022
Dubbed MergeSwap, this new protocol will leverage state-of-the-art proofs, a subclass of short cryptographic commitments that can show information about network state. These are: balances, deployed contracts, contract storage, account nonces.
Since the two versions of Ethereum (ETH), PoW and PoS cannot interact directly with each other, to transfer value between them, the sender will need to verify that they have locked PoWETH in PoW. The proposed protocol instead is to perform PoWETH to PoW Ethereum, needing a proof of burn for the transfer amount. All these changes will be reflected and verifiable with evidence.
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