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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.
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 :)
— 0xMarcello (@0xmarcello) September 14, 2022
All thanks to the power of Storage Proofs! How does it work?
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.
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.