The writer is professor of law at the American University Washington College of Law
The Ethereum blockchain that facilitates much of the crypto world last month finally accomplished the long-promised and oft-delayed “Merge”, a technical switch in the way it works.
The Ethereum blockchain is one of the world’s most widely used digital ledgers, and is the main platform for Web3, non-fungible tokens, and decentralised finance. While the Merge is unequivocally good news for the environment, it brings the Ethereum blockchain’s other problems into even starker relief.
Rather than relying on centralised intermediaries such as a bank to approve transactions, blockchains rely on what is known as a “consensus mechanism”.
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