The Ethereum Merge - What Does it Really Mean?

One can perceive the Ethereum Merge on merely a superficial level – based on a story being told…

or one could potentially dig beneath the fold and consider the more expansive implications…

Beginning with Eloisa Marchesoni (quoted in the Euronews article above)…


Eloisa Marchesoni is a Tokenomics Engineer focusing on token model architecture, token macro-/micro-economics structure, crypto market simulations and gamification strategies for Web3 businesses.

According to her website, Marchesoni collaborates with Metadhana:

The Metadhana Group democratizes Artificial Intelligence, Blockchain, Games, and Creative Development for creators and various crypto ecosystems through its consortium with proven track record, expertise, people and performance in their respective industries. A next generation media and technology organization.

Behind the stories we tell is a creative genius that only humans possess. But what if there’s something else untapped that can enhance the way we create stories — stories that tell of our collective interests, desires, and hopes?

Enter Metadhana. We leverage the advances of artificial intelligence (AI) to enrich our story-telling, to provide a Generative Alternate World Experience.

Go Beyond Alternate Reality

NFT Game Development

An experienced team of game designers and creative artists from established animation studios will create an engaging game with production level visuals. A game can be made from scratch or modified from our library of 20+ games.

World Building

A team of talented writers, novelists, and comic writers will take a deep dive with a key idea and create a fictional world with a unique backstory. The team has experience working with OpenAI GPT-3 to generate a completely unique generative lore.

Metaverse Economy Modeling

Our Solidity Certified Economic Analysts will have a look at the gameplay and create a stable defi economy complete with financial projections and simulations.

The Future

MetaDhana aims to push the boundaries of innovation by expanding the concept metaverse. We believe the future of the Metaverse is the singularity of man and AI, one that has its own economy, utility, story, culture, and natives all governed by an ever evolving AI.

Marchesoni also collaborates with the Stanford Blockchain Accelerator:

We aim to incubate top Stanford startups in a crypto-native way and connect you with top crypto VCs, prominent protocols in the industry and experienced mentors.


We develop our own thought leadership and work alongside Center for Blockchain Research.

[Submitted on 5 Oct 2019 (v1), last revised 23 Feb 2020 (this version, v3)]

Proof-of-Stake Longest Chain Protocols: Security vs Predictability

Vivek Bagaria, Amir Dembo, Sreeram Kannan, Sewoong Oh, David Tse, Pramod Viswanath, Xuechao Wang, Ofer Zeitouni

The Nakamoto longest chain protocol is remarkably simple and has been proven to provide security against any adversary with less than 50% of the total hashing power. Proof-of-stake (PoS) protocols are an energy efficient alternative; however existing protocols adopting Nakamoto’s longest chain design achieve provable security only by allowing long-term predictability (which have serious security implications). In this paper, we prove that a natural longest chain PoS protocol with similar predictability as Nakamoto’s PoW protocol can achieve security against any adversary with less than 1/(1+e) fraction of the total stake. Moreover we propose a new family of longest chain PoS protocols that achieve security against a 50% adversary, while only requiring short-term predictability. Our proofs present a new approach to analyzing the formal security of blockchains, based on a notion of adversary-proof convergence.

Comments: 65 pages, 16 figures
Subjects: Cryptography and Security (cs.CR)
Cite as: arXiv:1910.02218 [cs.CR]
(or arXiv:1910.02218v3 [cs.CR] for this version)
[1910.02218] Proof-of-Stake Longest Chain Protocols: Security vs Predictability

Focus to learn more|

Submission history

From: Xuechao Wang [view email]
[v1] Sat, 5 Oct 2019 06:10:53 UTC (877 KB)
[v2] Fri, 15 Nov 2019 02:38:46 UTC (1,110 KB)
[v3] Sun, 23 Feb 2020 03:30:51 UTC (2,660 KB)


Dan Boneh (co-director)

Cryptography Professor of Computer science. Cryptography for blockchains and cryptocurrencies.

Clark Barrett

Professor of Computer Science. Tools for verifying smart contracts

Joe Grundfest

Professor of Law and Business, former SEC Commissioner. Regulation of crypto and ICOs.

Laurie Hodrick

A. Barton Hepburn Professor Emerita of Business. Blockchains and next generation financial services.

David Mazières (co-director)

Professor of Computer Science. Consensus, core blockchain abstractions, and applications to computer security.

John Mitchell

Mary and Gordon Crary Family Professor of Computer Science. Programming languages for blockchains and smart contracts.

Andrew Hall

Professor of Political Science. Specializing in DAO governance and voting.

David Tse

Thomas Kailath and Guanghan Xu Professor of Electrical Engineering. Scalable consensus protocols.


The center is supported by the leading projects and funds in the space.


Ethereum Foundation

](Ethereum Foundation |


Protocol Labs



Interchain Foundation











Marchesoni also collaborates with GSR:

Founded in 2013, GSR is a crypto market maker with 300 employees across the globe. We specialize in providing liquidity, risk management strategies and structured products to sophisticated global investors in the digital assets industry. Our leadership team of veteran finance and technology executives from Goldman Sachs, Citadel, J.P. Morgan, and Two Sigma, among others, has created one of the world’s fastest and most robust digital asset trading systems.

GSR is deeply embedded in every major sector of the cryptocurrency ecosystem. We work with leading cryptocurrency projects, exchanges, funds, and miners as well as financial institutions taking their first steps into the world of digital assets.


Jakob Palmstierna - CEO of GSR Markets


Jakob Palmstierna


](Our Team | GSR Markets)

Rich Rosenblum - Co-Founder and President of GSR Markets


Richard Rosenblum


](Our Team | GSR Markets)

Christian Gil - Chairman of GSR Markets


Cristian Gil


](Our Team | GSR Markets)

John MacDonald - Chief Technology Officer of GSR Markets


John MacDonald


](Our Team | GSR Markets)

Michael Bressler - Global Head of Sales for GSR Markets


Michael Bressler


](Our Team | GSR Markets)

Eva Sanchez - Chief Legal Officer of GSR Markets


Eva Sanchez


](Our Team | GSR Markets)


Jonathan Loflin


](Our Team | GSR Markets)

Xin Song - Asia General Manager for GSR Markets


Xin Song


](Our Team | GSR Markets)

Gilberto Mokbel - Senior Advisor & Portuguese Rep Office of GSR Markets


Gilberto Mokbel


](Our Team | GSR Markets)

Jonathan Hugh - Chief Financial Officer of GSR Markets


Jonathan Hugh


](Our Team | GSR Markets)

Marchesoni also collaborates with LongHash Ventures:

We cut through the hype to bring the insights that matter to founders, investors, and the native Web 3 community

See the entities from which they claim to hail:

Who we are

We are a team of crypto-natives hailing from the world’s leading organizations

As per Marchesoni’s website, she also collaborates with Shima Capital (where she is listed as a Team member):

The product cycle of digital assets and blockchain applications has reached an inflection point. The potency of financial incentives veiling the lack of quality user and developer experiences has begun to dissipate. The advent of the existing bear cycle is a disguise for a more significant moment in time for web3: the transition from an incubation phase product cycle to growth. For this transition, application layer protocols play a key role in facilitating infrastructure innovation through expectations of mainstream adoption. (my emphasis)

Here at Shima Capital, we are passionate about growing the future of the crypto and web3 ecosystem. If you’re building web3-native applications and looking for a partner like us, please do not hesitate to reach out! We would love to hear what you’re working on.

For greater context on the Ethereum Merge, read my post from December 2021:

Hyperlinked from my post above:

With the Merge complete, the “Surge,” “Verge,” “Purge” and “Splurge” are the final stages left on the Ethereum technical roadmap.

Proof of Stake versus Proof of Work White Paper
BitFury Group
Sep 13, 2015 (Version 1.0)

Unlike proof of work, proof of stake consensus is not objective; the state of a PoS system cannot be reliably determined by new users based solely on protocol rules and a list of blocks and other network messages obtained from peers. In order to prevent long range forks of the blockchain, a proof of stake system needs to implement weak subjectivity by combining protocol rules with social-driven security. The social component of PoS systems weakens their decentralization and mathematical soundness. As Vitalik Buterin puts it [20], “A]ll “pure” proof-of-stake systems are ultimately permanent nobilities where the members of the genesis block allocation always have the ultimate say. No matter what happens ten million blocks down the road, the genesis block members can always come together and launch an alternate fork with an alternate transaction history and have that fork take over.”

The Blockchain Revolution Started With Bitcoin.

It Continues Now With Ouroboros:

A proof-of-stake protocol that provides and improves the security guarantees of proof-of-work at a fraction of the energy cost. Ouroboros applies cryptography, combinatorics, and mathematical game theory to guarantee the protocol’s integrity, longevity, and performance, and that of the distributed networks that depend upon it.

What Is Ouroboros

Highly Scalable And Sustainably Secure, Ouroboros Is The Foundation Of Cardano And Of A Blockchain-Built Future

Ouroboros is the first provably secure proof-of-stake protocol, and the first blockchain protocol to be based on peer-reviewed research. Ouroboros combines unique technology and mathematically-verified mechanisms - which, in turn, combine behavioral psychology and economic philosophy - to ensure the security and sustainability of the blockchains that depend upon it. The result is a protocol with proven security guarantees able to facilitate the propagation of global, permissionless networks with minimal energy requirements - of which Cardano is the first.

At the heart of Ouroboros is the concept of infinity. Global networks must be able to grow sustainably and ethically: to provide greater opportunities to the world while also preserving it. This becomes possible with Ouroboros.

Ouroboros facilitates the creation and fruition of distributed, permissionless networks capable of sustainably supporting new markets.

Ouroboros exists to define the parameters of the new world: a protocol more secure, scalable, and energy-efficient than anything that has come before.

Ouroboros is a meld of innovative technology and philosophy. Its research explores how we behave as a society, to discover an ideal balance - defined through game theory - between individual and collective interests. Ouroboros’ incentive mechanism rewards participants for their honest participation, and disincentivizes dishonest actors. It is a stable and sustainable foundation for permission networks that are built to endure: the infrastructure of the future.

Are Proof of Stake protocols less about saving energy, and more about maintaining predictability (via combinatorial game theory) and facilitating exclusion – protecting the group/consensus from dissenters?

Combinatorial Game Theory